Arthur Hayes: ‘Don’t write off memecoins too quickly’

Arthur Hayes: ‘Don’t write off memecoins too quickly’
Arthur Hayes: ‘Don’t write off memecoins too quickly’
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BitMEX co-founder Arthur Hayes says you shouldn’t be too quick to label memecoins as “stupid.” He believes that, bottom line, they can have a positive effect on the blockchains they live on.

“You can bash memecoins like they’re stupid and worthless, but if it brings attention and more developers to the industry, then that’s a positive for the blockchain itself,” said Hayes in conversation with Raoul Pal for Real Vision.

Ethereum and Solana benefit from memes

“The blockchains that can support this culture are going to be the blockchains with value,” said Hayes – adding that Solana and Ethereum are currently in the best position to capture the attention of memes.

Over the past year, activity on Solana’s network grew significantly following November’s memecoin craze. In the following months, many “normal” projects were also launched on Solana.

The network and activity on Bitcoin has also increased significantly due to the flood of BRC-20 tokens and Ordinals on the network. Raoul Pal believes that memecoins are and are especially popular among young investors.

In the coming months, Messrs. Pal and Hayes expect memecoins to remain in the foreground for a while.

Competition for Dogecoin and Shiba Inu

For Shiba Inu and Dogecoin, competition has emerged in the form of dogwifhat (WIF). In a short time, these memecoins managed to surpass Arbitrum (ARB) in terms of market cap.

WIF currently has a market cap of $4.5 billion, while Arbitrum has to make do with $4.37 billion. While ARB is a serious project for many people, a so-called “layer-2” blockchain for Ethereum.

How is it possible that a memecoin like dogwifhat, which is of course not about anything, can suck up billions of dollars in capital in this way. That is the question and another question is whether the project has what it takes to overtake Shiba Inu ($17.82 billion) and Dogecoin ($30.98 billion).

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The article is in Dutch

Tags: Arthur Hayes Dont write memecoins quickly

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