Arthur Hayes Says Meme Coins Can Be A Net Positive For Blockchains

Updated: 01 April 2024

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Arthur Hayes has dismissed criticism labeling meme coins as “stupid and valueless,” saying the tokens can have a positive value on the blockchains they are created on.

While speaking with the CEO of Real Vision, Raoul Pal, the BitMEX founder said blockchains supporting the meme coin culture would have value in the long run.

Hayes opined that the recent boom in Solana was influenced by meme coins. The Solana blockchain has recorded an uptick in activity after a meme coin frenzy driven by Dogwifhat (WIF), BONK, and Book of Meme ($BOME).

The increased activity makes the chain attractive to blockchain developers seeking to launch projects on a network that has users.

“You can poo-poo these things as stupid and valueless, but if it brings attention, if it brings more engineers to the space, then it’s positive value to the chain itself,” he argued.

Meme Coins Should Become More Useful and Charitable

Ethereum co-founder, Vitalik Buterin, recently opined that while he had zero enthusiasm for meme coins, these projects should work on being useful and charitable.

What else could memecoins be?https://t.co/8ZVhwkVwLy

— vitalik.eth (@VitalikButerin) March 29, 2024

According to Buterin, meme coins should be created for charitable causes or work on having utility in use cases such as in gaming.

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

Memecoin are bad, but if they donate to a public good then they have paid a penance for the bad thing.

I find this logic to be nihilistic.

I’d rather see people that hodl a memecoin change their behavior and go do something good, like walk dogs at a dog shelter and encourage…

— toly 🇺🇸| bip-420 (@aeyakovenko) March 29, 2024

Yakovenko says instead of donating towards charitable causes, meme coin holders should work on changing their personal behavior.

Dogecoin20, a newly launched meme coin, is working towards having a positive impact on the community with its “Do Only Good Everyday” principle. The meme coin, whose presale has raised over $10 million, depleting its presale tokens as it leverages the influence to support charitable initiatives, community projects, and noble causes.