Critics should think twice before condemning memecoins, which can bring significant value to blockchain networks, says BitMEX co-founder Arthur Hayes.
BitMEX co-founder Arthur Hayes believes the crypto industry should think twice before writing off all memecoins as “stupid and valueless.”says one should be careful before labeling all memecoins as “stupid,” arguing they can be a net positive for the blockchain networks they’re launched on., Hayes argued that memecoins bring value to the crypto sector by way of drumming up attention and then accruing new users and engineers to blockchains.
“The chains that can support this culture are going to be the chains that have value,” Hayes said — adding that Solana and Ethereum stood as the most well-positioned networks to capture the flow of attention from memes. Similarly, network and development activity on Bitcoin has grown significantly after a flood of BRC-20 tokens and Ordinals on the network around the same time.
The dog-themed memecoin recently flipped the Ethereum layer-2 network Arbitrum in terms of total market capitalization. At the time of publication, WIF commands a market cap of $4.5 billion, while ARB stands at $4.4 billion.wrote that while memecoins
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