Despite some people’s disdain for meme coins, BitMEX co-founder Arthur Hayes recently stated that people should think twice before labeling all meme coins as foolish, as these coins may bring positive benefits to the blockchain networks they are based on.
Cryptocurrency derivatives exchange BitMEX co-founder Arthur Hayes, in an interview with Real Vision CEO Raoul Pal on March 30th, expressed that meme coins bring attention and introduce new users and engineers to the blockchain, adding value to the cryptocurrency industry.
Arthur Hayes further added that Solana and Ethereum are the blockchain networks that can benefit the most from meme coins.
In November last year, Solana saw significant growth in on-chain activity following the meme coin frenzy. In the following months, many non-meme coin projects were launched on the Solana network. During the same period, there was also a significant increase in network and development activities on Bitcoin, driven by a wave of BRC-20 tokens and ordinals.
Raoul Pal believes that meme coins may become increasingly popular among young cryptocurrency investors due to the “gamification” mentality of the Generation Z and Millennial generations.
Raoul Pal and Arthur Hayes both agree that the attention towards meme coins will continue for some time. The Solana-based meme coin dogwifhat (WIF) is expected to advertise at the Las Vegas Sphere venue in the coming months.
Vitalik Buterin, the founder of Ethereum, also holds a positive attitude towards meme coins. In a recent article, he stated that meme coins provide a sense of democracy and openness and are interesting. However, he believes that a good meme coin should not only be about issuing currency but should create a “game,” a meaningful and fun game.
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