According to Arthur Hayes, such projects benefit their underlying blockchains

BitMEX exchange founder positively assesses the consequences of the growing popularity of meme tokens

01.04.2024 - 09:52

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4 min

What’s new? Arthur Hayes, the co-founder and former CEO of the crypto exchange BitMEX, has noted that meme tokens, despite seeming useless and silly to many, bring benefits to their underlying blockchains. For instance, they attract attention and then new entrants into the crypto space. “You can poo-poo these things as stupid and valueless, but if it brings attention and more engineers to the space, it’s positive value for the chain itself,” the businessman noted.

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What else is known? “The chains that can support this culture are going to be the chains that have value,” Hayes predicted, adding that Solana and Ethereum are the most suitable networks to attract attention at the expense of memes.

Late last year, for example, activity on Solana began to surge as a result of the hype surrounding meme tokens such as BONK. And in the months that followed, the network launched a slew of projects that were no longer meme-related. Last month, meme token launches using the presale method gained popularity on the network, which also increased activity. However, fraud has also increased along with it.

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Similarly, activity on the bitcoin network and its development has increased significantly since the fungible and non-fungible tokens (NFTs) created using the BRC-20 standard and the Ordinals protocol gained popularity.

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Hayes believes that interest in meme coins will continue in the near term, given the initiatives to promote them. For example, the community of one of the leading Solana-based meme tokens, dogwifhat (WIF), raised nearly $700 000 to advertise the project at the famous high-tech entertainment arena MSG Sphere in Las Vegas.

Trader increased investments by 1684 times on investments in the Solana-based meme token SC

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Earlier, the Messari aggregator’s vice president of research, Maartje Bus, called meme tokens a “Trojan horse” of cryptocurrency adoption as they attract newcomers to the blockchain.

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