Arthur Hayes says Meme coins could have a positive impact on blockchain.

adminApril 1, 2024

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Arthur Hayes dismissed criticism that meme coins were “dumb and worthless”, saying the tokens could have positive value on the blockchain on which they were created.

Speaking with BitMEX founder Raoul Pal, CEO of Real Vision, he said that a blockchain that supports meme coin culture will be valuable in the long run.

Hayes said Solana’s recent boom was influenced by meme coins. The Solana blockchain has recorded an increase in activity following the meme coin craze led by Dogwifhat (WIF), BONK, and Book of Meme ($BOME).

The increased activity makes the chain attractive to blockchain developers looking to launch projects on the network with users.

“You can shit on these things as stupid and worthless, but if it attracts attention and brings more engineers into the space, it becomes a positive value for the chain itself,” he argued.

Meme coins should be more useful and charitable.

Ethereum co-founder Vitalik Buterin recently said that while he has no enthusiasm for meme coins, efforts should be made to ensure that such projects are useful and charitable.

What else is a meme coin? https://t.co/8ZVhwkVwLy
— Vitalik.eth (@VitalikButerin) March 29, 2024

According to Buterin, meme coins should be created for charity or strive to have utility in use cases such as gaming.

But Anatoly Yakovenko, co-founder of Solana Labs, believes the logic of meme coins donating to a good cause as penance is “nihilistic.”

Memecoin is bad, but if you donate to the public good, you have paid atonement for something bad.
I find this logic nihilistic.
I want to see people who have MEMCOIN change their behavior and do good things like walk and encourage dogs at dog shelters.
— Tolly 🇺🇸 (@aeyakovenko) March 29, 2024

Yakovenko said meme coin holders should work to change their personal behavior instead of donating to charity.

Dogecoin20, a newly launched meme coin, strives to have a positive impact on the community with the principle of “do only good things every day.” Meme Coin, which raised over $10 million in presale, is depleting its presale tokens as it leverages its influence to support philanthropy, community projects, and noble causes.