Despite the disdain of some people towards meme coins, Arthur Hayes, co-founder of BitMEX, recently stated that people should think twice before labeling all meme coins as foolish because these coins may bring positive benefits to the blockchain networks they are based on.
Cryptocurrency derivatives exchange BitMEX’s co-founder, Arthur Hayes, said in an interview with Real Vision CEO Raoul Pal on March 30th that meme coins bring attention to the blockchain, attracting new users and engineers, and bringing value to the cryptocurrency industry. Hayes also added that Solana and Ethereum are the blockchain networks that benefit the most from meme coins.
After the meme coin frenzy, Solana saw significant growth in on-chain activities in November last year. In the following months, many non-meme coin projects were launched on the Solana network. At the same time, the Bitcoin network and development activities also increased significantly due to the surge in BRC-20 tokens and Ordinals.
Raoul Pal believes that meme coins may become increasingly popular among young cryptocurrency investors due to the “game mentality” of Generation Z and millennials. Both Raoul Pal and Arthur Hayes agree that the attention towards meme coins will continue in the foreseeable future. The meme coin “dogwifhat (WIF)” on the Solana network is expected to advertise in the Las Vegas Sphere stadium in the coming months.
Vitalik Buterin, the founder of Ethereum, also expressed a positive attitude towards meme coins. In a recent article, he mentioned that meme coins provide a sense of democracy and openness and are fun. However, he believes that a good meme coin should not only issue currency but also create a “game” that is meaningful and enjoyable.
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