{"id":625239,"date":"2024-06-18T20:00:53","date_gmt":"2024-06-18T20:00:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=625239"},"modified":"2024-06-18T14:39:45","modified_gmt":"2024-06-18T14:39:45","slug":"bitmex-co-founder-backs-meme-coins","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/meme-coins\/bitmex-co-founder-backs-meme-coins\/","title":{"rendered":"BitMEX Co-founder Backs Meme Coins: A Boon For Dogecoin, Shiba Inu, PEPE?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Meme coins, the once-dismissed &#8220;joke&#8221; tokens, are rapidly solidifying their position in the multi-trillion-dollar scene. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to CoinMarketCap, meme coins now command a cumulative market cap of over $45 billion. Interestingly, they are on an upward trajectory as thousands of meme coins are minted predominantly on top platforms like Solana, Ethereum, and Base.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Analysts and investors are taking notice as meme coins like BOME, PEPE, and Dogecoin boom. Most predict this subset of crypto will expand and become a core part of the industry in the coming years.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Arthur Hayes Backs Meme Coins<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a recent <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/youtu.be\/0cX1Huf89PE\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">interview<\/span><\/a><span data-preserver-spaces=\"true\">, Arthur Hayes, the BitMEX co-founder, joined the growing list of meme coin supporters. Hayes backed meme coins, stating that these tokens are increasingly gaining traction because of their simplicity. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Unlike complex decentralized finance (DeFi) protocols or AI, they require no technical knowledge. Therefore, this feature and accessibility continue to broaden their appeal.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This position also seems to resonate with <a href=\"https:\/\/uniquehot.com\/news\/20-bitcoin-correction-temporary\/\" target=\"_blank\" rel=\"noopener \">Raoul Pal<\/a>, who, in the same interview, added that meme coins are rising because of the cultural connection these tokens tag. As constructed, meme coins are meant to ride on internet hype and cultural relevance. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/toncoin-ton\/potential-downtrend-in-play-ton-struggles-as-price-falls-below-7-7\/\" target=\"_blank\" rel=\"noopener \">Potential Downtrend In Play? TON Struggles As Price Falls Below $7.7<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Therefore, their playful nature and relatable themes resonate with a global audience. In turn, this helps forge a strong connection with the trend, as evidenced by the popularity of the viral BODEN meme coin.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/ZyNkunzT\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/ZyNkunzT\/\" alt=\"BODEN price trending lower on the daily chart | Source: BODENUSDT on Poloniex, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">BODEN price trending lower on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/ZyNkunzT\/\" target=\"_blank\" rel=\"noopener nofollow\">BODENUSDT on Poloniex, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">More analysts are coming out to back these tokens. Earlier, one analyst said at least three of these tokens would each <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/trading_vapor\/status\/94926295\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">command<\/span><\/a><span data-preserver-spaces=\"true\"> at least $100 billion in market cap in the next crypto bull run. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Dogecoin is the most valuable meme coin, with a market cap exceeding $20 billion. <\/span><span data-preserver-spaces=\"true\">If Dogecoin, for example, rallies to command a $100 billion market cap, DOGE holders will massively benefit. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of mid-June, only Bitcoin, Ethereum, and USDT, a stablecoin, have market caps exceeding $100 billion. Despite its sharp expansion, even Solana is still perched at fourth, boasting a slightly over $66 billion market cap.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Aptos To Take Over From Solana: A Meme Coin Host<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While Hayes backed meme coins, he predicted that Aptos would flip Solana to become the second largest and most active layer-1 platform after Ethereum within three years. Interestingly, this clashes with the current trend and Hayes&#8217; position.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/cardano-founder-pig-nike-sparks-memecoin-craze\/\" target=\"_blank\" rel=\"noopener \">Cardano Founder\u2019s Pig NIKE Sparks Memecoin Craze, Market Cap Nears $1 Million<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Because of Solana&#8217;s high scalability and low fees, the platform is emerging as a home of meme coins, taking over from Ethereum. Even so, Hayes didn&#8217;t provide any explanation, saying all details will be made public in September.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Earlier on, the BitMEX co-founder <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/APompliano\/status\/75777604\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">downplayed<\/span><\/a><span data-preserver-spaces=\"true\"> the threat posed by Solana on Ethereum&#8217;s lead. In his view, the first smart contracts platform has strength in its developer community and anchors decentralized finance (DeFi).<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Meme coins, the once-dismissed &#8220;joke&#8221; tokens, are rapidly solidifying their position in the multi-trillion-dollar scene. According to CoinMarketCap, meme coins now command a cumulative market cap of over $45 billion. Interestingly, they are on an upward trajectory as thousands of meme coins are minted predominantly on top platforms like Solana, Ethereum, and Base. Analysts and investors are taking notice as meme coins like BOME, PEPE, and Dogecoin boom. Most predict this subset of crypto will expand and become a core part of the industry in the coming years. Arthur Hayes Backs Meme Coins In a recent interview, Arthur Hayes, the BitMEX co-founder, joined the growing list of meme coin supporters. Hayes backed meme coins, stating that these tokens are increasingly gaining traction because of their simplicity. Unlike complex decentralized finance (DeFi) protocols or AI, they require no technical knowledge. Therefore, this feature and accessibility continue to broaden their appeal. This position also seems to resonate with Raoul Pal, who, in the same interview, added that meme coins are rising because of the cultural connection these tokens tag. As constructed, meme coins are meant to ride on internet hype and cultural relevance. Related Reading: Potential Downtrend In Play? TON Struggles As Price Falls Below $7.7 Therefore, their playful nature and relatable themes resonate with a global audience. In turn, this helps forge a strong connection with the trend, as evidenced by the popularity of the viral BODEN meme coin. More analysts are coming out to back these tokens. Earlier, one analyst said at least three of these tokens would each command at least $100 billion in market cap in the next crypto bull run. Dogecoin is the most valuable meme coin, with a market cap exceeding $20 billion. If Dogecoin, for example, rallies to command a $100 billion market cap, DOGE holders will massively benefit. As of mid-June, only Bitcoin, Ethereum, and USDT, a stablecoin, have market caps exceeding $100 billion. Despite its sharp expansion, even Solana is still perched at fourth, boasting a slightly over $66 billion market cap. Aptos To Take Over From Solana: A Meme Coin Host While Hayes backed meme coins, he predicted that Aptos would flip Solana to become the second largest and most active layer-1 platform after Ethereum within three years. Interestingly, this clashes with the current trend and Hayes&#8217; position. Related Reading: Cardano Founder\u2019s Pig NIKE Sparks Memecoin Craze, Market Cap Nears $1 Million Because of Solana&#8217;s high scalability and low fees, the platform is emerging as a home of meme coins, taking over from Ethereum. Even so, Hayes didn&#8217;t provide any explanation, saying all details will be made public in September. Earlier on, the BitMEX co-founder downplayed the threat posed by Solana on Ethereum&#8217;s lead. In his view, the first smart contracts platform has strength in its developer community and anchors decentralized finance (DeFi). Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":596085,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[91895],"tags":[230,92168,92613,54512,1785,7,79600,83767,83667,84558],"class_list":["post-625239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-meme-coins","tag-arthur-hayes","tag-boden","tag-bodenusdt","tag-defi","tag-doge","tag-dogecoin","tag-dogeusdt","tag-meme-coins","tag-shiba-inu","tag-shibusdt"],"acf":[],"yoast_head":"\n<title>BitMEX Co-founder Backs Meme Coins: A Boon For Dogecoin, Shiba Inu, PEPE?<\/title>\n<meta name=\"description\" content=\"Meme coins like Dogecoin or Shiba Inu, Arthur Hayes, the co-founder of BitMEX said, are here to stay thanks in part to their simplicity\" \/>\n<meta name=\"robots\" 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