BitMEX Co-founder Backs Meme Coins: A Boon For Dogecoin, Shiba Inu, PEPE?

Meme
coins,
the
once-dismissed
“joke”
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

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.

BODEN
price
trending
lower
on
the
daily
chart
|
Source:

BODENUSDT
on
Poloniex,
TradingView

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’
position.