According to a report by Cointelegraph, Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, expressed 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 built on.
In 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 public chains like Solana and Ethereum are best positioned to capture attention from memes.
Last year, Solana’s on-chain activity experienced significant growth following a memecoin frenzy in November. In the following months, many non-meme projects were launched on the network. Similarly, around the same time, the network and development activity on Bitcoin 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 “game mentality” present in the Z and millennial generations. He said, “It’s the same thing, but playing games with money.”
With 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 interest in memecoins will continue in the foreseeable future.
Related reports: “Franklin: Memecoin price performance closely linked to its native network”, “27 memecoin projects raised over £100 million! Analysis of the chaotic memecoin scene in the Solana ecosystem, can make profits just by participating in pre-sales?”, “Beware of survivorship bias! One address trades 11 memecoins unsuccessfully, accumulating losses exceeding £150,000”.
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