Arthur Hayes, founder of cryptocurrency exchange BitMEX, predicted in a recent interview that a Dogecoin ETF could launch before this market cycle ends.
Hayes emphasized that Dogecoin is the oldest memecoin and is listed on Robinhood in the US.
He noted Dogecoin's enduring appeal, suggesting that it carries significant cultural value compared to other memecoins.
During the interview, Hayes assessed the widespread interest in memecoin-based cryptocurrencies and suggested that they have consistently outperformed other trends in the crypto space. Despite this, he expressed skepticism about the long-term cultural value of many existing memecoins that lack Dogecoin's historical significance and widespread recognition.
Hayes shared his observations on consumer behavior, drawing parallels between the popularity of luxury brands and the appeal of memecoins. He pointed out that just as people are willing to spend significant amounts on luxury items, they are also willing to trade memecoins. According to Hayes, memecoins like Dogecoin are gaining traction because they are easy to understand and participate in, making them an accessible entry point for new investors in the crypto market.
The discussion also touched on the potential for further growth in the memecoin sector due to increased cultural interest and the simplicity of these assets. For many people, a memecoin's attention-grabbing and cultural value are more important than its technical features, Hayes said.
Addressing his personal investment strategy, Hayes explained that although he owns some meme coins such as Dogecoin and WIF, he is less involved in active trading due to time constraints. He believes in Dogecoin's potential, in part due to its established presence and the possibility of future developments, including an anticipated ETF.
*This is not investment advice.