Meme coins bring net positive value to the chains that support them.
Solana has turned around MakerDAO's revenue thanks to the hype around memes.
The #meme coin supercycle is far from over, with speculators ranging from #Solana to Base jumping on the meme coin bandwagon.
However, Solana [SOL] still occupies the largest memcoin segment by market value: according to Coingecko, Solana memes have a market value of $7.8 billion at the time of writing, compared to Base's $1.4 billion.
Meme activity involves unusually high transaction volume, which can increase a chain's usage and its fees. For example, Slerf [SLERF]'s trading volume exceeded US$1.8 billion on the first day.
This could have a positive impact on #blockchain , which is why Avalanche and Arbitrum want to bring memes to blockchain.
Arthur Hayes, founder and former CEO of the BitMEX exchange, confirmed that meme culture can benefit the blockchain.
There is value in a blockchain that can support memes,
these things can be called silly and useless.
However, he added.
"But if it gets attention and increases the number of engineers in the field, then it has a positive impact on the network itself.
The above position is very different from Vitalik Buterin's stance on Mimcoin.
Last week, Buterin called for making more good memes that could help more people as charity, rather than enriching the creators and a few individuals.
However, Solana's latest revenue numbers support Hayes' view of the value-added of memes in the chain.
Solana has overtaken MakerDAO in terms of revenue, and SOL has grown by 50%. So if meme activity increases, recent losses could be reversed.
Next up: #bitcoin , #ethereum as 'ETF wrapper' - Coinbase CFO says,
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Benjamin is a telecommunications engineering graduate with a passion for the cryptocurrency market and understanding market trends.
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