According to Cointelegraph, Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, suggests that people should carefully consider before labeling all memecoins as “stupid”. He believes that these coins may have a net positive impact on the blockchain networks they are part of.
During an interview with Real Vision CEO Raoul Pal on March 30th, Hayes stated that memecoins bring value to the cryptocurrency space by attracting attention and introducing new users and engineers to the blockchain. He added that Solana and Ethereum are the most likely networks to capture attention from memecoins.
Last year, Solana saw a significant increase in on-chain activity after a memecoin frenzy in November. In the following months, many non-meme projects were launched on the network. Similarly, around the same time, the Bitcoin network and development activities saw a significant boost with the influx of numerous BRC-20 tokens and Ordinals.
Pal believes that memecoins may become increasingly popular among young cryptocurrency investors by leveraging the “gamification” mindset present in Generation Z and Millennials. He stated, “It’s the same thing, just playing with money.”
With the memecoin dogwifhat ($WIF) from the Solana ecosystem set to be showcased at the Las Vegas landmark Sphere in the coming months, both Pal and Hayes pointed out that the attention on memecoins will continue in the foreseeable future.
Related reports: “Franklin: Memecoin Price Performance Tightly Linked to Native Network” “27 Memecoin Projects Raised Over 100 Million Pounds! Analysis of the Chaos in the Solana Memecoin Ecosystem, Can Make Money Just by Participating in Pre-sales?” “Beware of Survivorship Bias! An Address Loses Over 150,000 Pounds in Failed Trading of 11 Memecoins”
