Key Points
At a conference in Manhattan last week, a few hundred people gathered to hear luminaries of the cryptocurrency industry and executives from the likes of BlackRock and Fidelity discuss Bitcoins march into the investing mainstream this year...
However, it was another token that kept coming up in the conversations: a newer cryptocurrency best known for its logo featuring an image of a dog wearing a knit hat..
The billionaire Michael Novogratz, chief executive officer of Galaxy Digital, jokingly lamented that he doesnt have a position in the coin called dogwifhat...
Yet much like with the conversations at this Bitcoin Investor Day conference, the crypto communitys more whimsical impulses are stealing the spotlight in the market, pushing some of the most-pointless tokens known as memecoins to even bigger gains than Bitcoin...
By now, even a normie the industrys nickname for non-crypto people probably knows a thing or two about memecoins, the tokens most-famous for their cute logos featuring dogs or frogs or pop-culture references rather than any hint of blockchain innovation..
You might be interested in
Bitcoin set for second quarterly gain as smaller tokens lag by the most since 2020
02, Jul, 23Bitcoin has seen its dominance of the crypto market strengthen as smaller tokens struggle due to regulatory concerns. Bitcoin rose 7% in the second quarter, driven by optimism about the potential launch of spot Bitcoin exchange-traded funds (ETFs) by companies like BlackRock and Fidelity Investments. Meanwhile, smaller tokens have been weighed down by the US SEC's classification of certain coins as unregistered securities. Bitcoin's dominance is at its highest level in more than two years, accounting for nearly 49% of the $1.2 trillion crypto market.
Cryptoverse: 'Layer two' tokens enjoy new life as bitcoin soars
28, Nov, 23It's next-level stuff.