Galaxy Digital (GLXY) founder Mike Novogratz is issuing a wake-up call to two of crypto’s most famous “zombie” assets. During a recent discussion with Head of Research Alex Thorn, Novogratz argued that the industry is entering a structural transition where hype is no longer enough to sustain multi-billion dollar valuations. He specifically questioned whether Ripple (XRP-USD) and Cardano (ADA-USD) can survive in a market that increasingly demands measurable economic output.
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Community Loyalists Versus Real Usage
Novogratz acknowledged the “bless his soul” efforts of Cardano founder Charles Hoskinson in maintaining a devoted fan base, but pointed out that the blockchain suffers from a lack of actual users.
On-chain data backs this up: while Solana frequently sees millions of active addresses, XRP and Cardano often struggle to break past the 20,000 mark. The Galaxy CEO noted that while Bitcoin has already won the “money” argument, other tokens must now act like traditional businesses with clear revenue streams.
Novogratz Highlights New Gold Standard for Token Design
Looking toward 2026, Novogratz highlighted emerging projects like Hyperliquid as the new gold standard for token design. Unlike older projects that rely on vision, these newer platforms generate real profits and use them to buy back and burn their own tokens, effectively acting like equity. For XRP (valued at $113 billion) and Cardano (valued at $13 billion), the clock is ticking to prove they are more than just digital collectibles for their respective armies.
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