Mike Novogratz Says Community Loyalty Won’t Save XRP and Cardano in a Maturing Market

• Novogratz argues that the market is moving away from the “narrative-driven” era into a “business-driven” era.
• For legacy assets like XRP and Cardano, the Galaxy Digital CEO believes the next 12 to 36 months are a critical checkpoint.
• He sees Hyperliqued and similar projects that behave more like traditional equity as the future of tokenomics.

In a recent year-end discussion with Galaxy Research’s Alex Thorn, Galaxy Digital CEO and founder Mike Novogratz outlined a fundamental shift in the crypto landscape. He argues that the market is moving away from the “narrative-driven” era, where a strong story and a loyal community were enough to sustain a multi-billion dollar valuation, into a “business-driven” era.

Novogratz believes that the brunt of the issue lies in the evolution of cryptocurrencies. The focus is on more tangible value as opposed to excitement and…

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