Arthur Hayes urged not to consider memcoins “stupid and useless”

Investor and co-founder of the BitMEX cryptocurrency exchange Arthur Hayes urged the community not to consider memcoins “stupid and useless.” According to him, one should not draw premature conclusions based only on the nature of the origin of such assets.

The entrepreneur believes that memcoins bring very specific benefits to the industry. It's about attracting new users and developers. Such coins gather a lot of attention, which contributes to the development of the blockchain.

Networks that support memecoins and encourage their continued adoption into the industry will become increasingly valuable over time, Hayes believes. Ethereum and Solana are currently the most suitable blockchains for them, the businessman emphasized.

He notes that this type of asset is gaining popularity among young investors. This is facilitated by their “game mentality” inherent in the generations of so-called millennials and zoomers, says Hayes.

The entrepreneur believes that interest in memcoins will continue in the near future. It will be supported by innovative marketing solutions, such as advertising the Dogwifhat (WIF) logo on the screen of the MSG Sphere entertainment complex in Las Vegas, the co-founder of BitMEX said.

It is worth noting that last week the WIF rate reached a historical high. At the time of writing, the value of the asset is at $4.38, according to TradingView.

Earlier, Ethereum co-founder Vitalik Buterin shared his opinion on the future of memcoins. He looked at various uses for this asset class, including for financing public projects.

Analysts from the investment company Franklin Templeton also presented their report on memcoins. Experts noted the strong relationship of such coins with native blockchains, as well as their impact on activity within the network.