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📌 Arthur Hayes predicts big success for the 1 meme coin

BitMEX co-founder Arthur Hayes has warned cryptocurrency traders to stop calling mimcoin stupid. Cryptocurrency

– BitMEX co-founder Arthur Hayes has warned cryptocurrency traders to stop calling mimcoin “stupid”.

An industry perspective on the rise of Mimcoin.

BitMEX co-founder Arthur Hayes has warned cryptocurrency traders to stop calling mimcoins “stupid”. Mimcoins have been the subject of ridicule ever since they began to proliferate in the market. According to some market participants, these assets are not a net positive for the hosted blockchain.

In a recent interview with Real Vision CEO Raul Pal, Mr. Hayes discussed the benefits and advantages of mimcoins for the cryptocurrency sector. Arthur Hayes stated that Mimcoin will help the cryptocurrency market by attracting users and developers to the industry.

He noted that users can say whatever they want about the coin, but attracting attention and engineers to the industry will have a positive impact on the blockchain. Arthur Hayes noted that only the value chain can provide the necessary supportive culture for these tokens. He also noted that Ethereum and Solana seem to be networks that can intercept the flood of attention that tokens bring.

The Solana network saw a significant uptick in activity after the hype around memecoin continued throughout November. However, other types of tokens have also appeared on the network, spurring an increase in activity on the memecoin network. At the same time, bitcoin also saw a surge in network activity due to the massive influx of BRC-20 and ordinar tokens into the network.

Raul Pal believes that the gaming spirit of the majority of Generation Z and millennials will increase the desire for Mimcoin among young cryptocurrency users. He noted that these users will view Mimcoin as a “money game.” Both Raul Pal and Arthur Hayes agree that Mimcoins will be able to maintain their current attention for some time to come, and the Dogwifhat memcoin created by Solana could become a huge asset in the coming months.

The dog-themed memecoin recently overtook Arbitrum’s (ARB) second largest memecoin, Ethereum, and currently has a market value of $4.5 billion compared to ARB’s $4.4 billion. However, industry executives believe the risks associated with these tokens outweigh the benefits.

In a recent note to investors, U.S.-based Franklin Templeton noted that while Mimcoin offers quick returns, there are risks associated with a lack of underlying value and utility. Vitalik Buterin, co-founder of Ethereum, said in a recent blog post that he has no interest in Mimcoin. However, he advised developers to make sure the token has utility and not just “virtue signaling.”

According to CoinGecko, mimcoin was the highest-returning asset in the cryptocurrency sector last month, despite the risks associated with mimcoin. Over the past week, memcoins on CoinGecko have risen in value by more than 20%, far more impressive than Tier 1 tokens (6%) and decentralized financial tokens (5.4%).

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Adebayo likes to follow interesting blockchain projects. He is an experienced writer who has written numerous articles on cryptocurrencies and blockchain.

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