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BitMEX Co-founder Arthur Hayes Defends Memecoins, Calls Them Beneficial

Arthur pointed out that not all memecoins are “stupid”. He said that memecoins contribute positively to the cryptocurrency industry by attracting attention and subsequently bringing in new users and developers to blockchain networks.

  • BitMEX co-founder Arthur Hayes defends memecoins, highlighting their role in attracting attention and new users to blockchain networks, despite criticisms.
  • Real Vision CEO Raoul Pal predicts a rise in memecoin popularity among younger cryptocurrency investors, citing their affinity for gaming mentality.

During the previous cryptocurrency bull run, memecoins like Dogecoin and the Shiba Inu coin gained significant popularity. Along with the enthusiasts and genuine investors, they also attracted scammers aiming to profit swiftly through pump-and-dump schemes. 

Which is why in the crypto world, memecoins often receive a good share of criticism. In fact, some even call them “useless” and “stupid”. 

However, in a recent interview with Real Vision CEO Raoul Pal, BitMEX co-founder Arthur Hayes pointed out that not all memecoins are “stupid”. Hayes said that memecoins contribute positively to the cryptocurrency industry by attracting attention and subsequently bringing in new users and developers to blockchain networks.

“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,” said Hayes. 

Moreover, Pal believes memecoins could see a surge in popularity among younger cryptocurrency investors, leveraging the inclination towards gaming mentality prevalent in Generation Z and millennials.

Recently, multiple unidentified entities exploited Solana's token generation capability to launch numerous memecoins featuring racist and antisemitic language in their titles. Additionally, certain tokens included derogatory references towards China and other offensive content.


Edited by Harshajit Sarmah

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