While the meme coin frenzy in cryptocurrencies continues, a remark has come from Arthur Hayes, who is perhaps one of the people who brought the World Interbank Financial Telecommunication (WIF) to its present day. Hayes had previously made a significant impact with a photo of himself wearing a hat, supporting the Dogwifhat movement. So, what does Arthur Hayes say about the industry?
Arthur Hayes’ Approach to Meme Coins
Arthur Hayes made a statement saying that trading in meme coins is “more fun” compared to bonds with negative yields, expressing his interest in the growing meme coin frenzy.
In an interview with Scott Melker on The Wolf of the All Streets podcast, Arthur Hayes made important remarks, drawing attention to the Slerf (SLERF) incidents and said:
SLERF, BOME, and whatever else comes, I will trade with it because it’s more fun.
Hayes’ statement parallels his belief that traditional finance (TradFi) is displaying a disheartening attitude during a period when currencies are increasingly losing value (fiat currency devaluation).
Considering all this, Hayes made a statement suggesting that crypto investors would rather go the meme coin route than suffer losses due to TradFi, adding:
I don’t want to give my money to a man or woman in a suit to invest in a bond with negative yield.
Despite all this, the notable figure also pointed out that holding meme coins for too long during bull cycles could pose significant risks and losses to investors. He also cautioned investors not to succumb to FOMO just because major exchanges and companies are making statements about meme coins.
Trying to intellectualize this too much will probably cause you to lose a lot of money.
Perspectives on Meme Coins
Hayes also drew attention to spam and scam projects emerging in meme coins, particularly as seen with Solana.
Solana is the chain where activity happens. Activity equals SOL burning; so it’s being used for something at least.
Anatoly Yakovenko, co-founder of Solana, also recently stated that the activities caused by meme coins are seen as a “stress test” for the network’s future growth, which they welcome. During this process, it appears that Avalanche (AVAX) and Coinbase’s Base Protocol have also become involved.
Meanwhile, Arbitrum (ARB) jumped on the meme coin train during the FOMO process and announced the establishment of an Arbitrum Memecoin Fund.
At this point, the undeniable influx of new liquidity, users, and interest that memecoins bring to the relevant blockchain is testing dApps and the chain itself, and most importantly, attracting new users and interest to genuinely useful projects.
