Arthur Hayes: Solana and Ethereum stand as the most well-positioned networks to capture the flow of attention

Co-founder of the BitMEX crypto platform Arthur Hayes expressed the opinion that memcoins can “serve well” for the blockchains on which the tokens are launched. According to the expert, meme digital currencies can bring serious benefits to the industry, as they attract the attention of both users and developers to it.

“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.” Hayes said.

“The chains that can support this culture are going to be the chains that have value,” Hayes said, adding that Solana and Ethereum stand as the most well-positioned networks to capture the flow of attention from memes.

He also noted that at the end of 2023, Solana network activity increased significantly due to the hype around meme cryptocurrencies. However, earlier this year, prices for memcoins based on the Solana blockchain fell by 80%.

But the activity of the Bitcoin network has increased. It is associated with the emergence of analogues of non-fungible tokens — Bitcoin Ordinals. In the first month of 2024, the volume of transactions on the BTC network increased to $1.21 trillion, reaching its highest level since the beginning of autumn 2022.

Ethereum co-founder Vitalik Buterin believes that meme currencies have become the main topic of discussion among community members. According to the developer, the memos can be used for charity.

As an example, Buterin cited the TYRANT coin, which supports various public projects, including those working in the field of combating human aging. After the co-founder of Ethereum expressed his opinion about this, the price of the token increased by more than 120% over the last 24 hours.

Buterin also suggested using memecoins in the gaming industry. According to him, it is necessary not just to issue another token, but to create a game that will allow users to improve their financial situation.

In addition, Santiment pointed to the growing popularity of AI coins and memcoins among investors during the first month of spring. Analysts state that luck smiled on traders who invested in meme coins amid an increase in risk appetite in various financial markets.