Meme coins, the once-dismissed “joke” tokens, are quickly solidifying their position in the multitrillion-dollar landscape.
According to CoinMarketCap, meme coins now command a cumulative market value of over $45 billion. Interestingly, they are on an upward trajectory as thousands of meme coins are predominantly minted on major platforms like Solana, Ethereum, and Base.
Analysts and investors are noticing the boom in meme coins like BOME, PEPE and Dogecoin. Most predict that this subset of cryptocurrencies will expand and become a central part of the industry in the coming years.
Arthur Hayes supports meme coins
In a recent interview, Arthur Hayes, the co-founder of BitMEX, has joined the meme coin’s growing list of supporters. Hayes supported meme coins, stating that these tokens are gaining more and more traction due to their simplicity.
Unlike complex decentralized finance (DeFi) or AI protocols, they do not require technical knowledge. Therefore, this feature and accessibility continue to broaden its appeal.
This position also seems to echo Raoul Pal, who, in the same interview, added that meme coins are rising due to the cultural connection these tokens mark. As constructed, meme coins are intended to capitalize on Internet hype and cultural relevance.
Therefore, its playful nature and relatable themes resonate with a global audience. In turn, this helps to establish a strong connection with the trend, as evidenced by the popularity of the viral meme coin BODEN.
More analysts are supporting these tokens. Previously, an analyst said that at least three of these tokens would each be command at least $100 billion in market cap in the next crypto bull run.
Dogecoin is the most valuable meme coin, with a market value of over $20 billion. If Dogecoin, for example, recovers to command a market cap of $100 billion, DOGE holders will benefit enormously.
As of mid-June, only Bitcoin, Ethereum and USDT, a stablecoin, had market caps exceeding $100 billion. Despite its strong expansion, even Solana is still in fourth place, boasting a market capitalization of just over $66 billion.
Aptos Will Take Control of Solana: A Host of Meme Coins
Although Hayes supported 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 conflicts with the current trend and Hayes’ position.
Due to Solana’s high scalability and low fees, the platform is emerging as a home for meme coins, replacing Ethereum. Still, Hayes offered no explanation, saying full details will be released in September.
Previously, the co-founder of BitMEX Minimizing the threat posed by Solana under the leadership of Ethereum. For him, the first smart contracts platform has strength in its developer community and anchors decentralized finance (DeFi).