BitMEX co-founder and crypto-millionaire Arthur Hayes has gifted another Solana coin to his supporters. As expected, the price of the coin increased following Hayes’ mention of the coin in an X article.
Arthur Hayes Shills Coin FLOWER
In an X post, Arthur Hayes shared the Dextool Profile of the FlowerAI (FLOWER) meme coin with the caption “kek”. Given Hayes’ status in the crypto community, this message was enough to send the price of the meme coin skyrocketing.
When he made this post, FLOWER’s price was at $0.02232, but the coin’s price has since climbed and is now above $0.03. The coin’s market capitalization was $22 million at the time, but it now stands at $30 million following the price rise.
Arthur Hayes’ message drew criticism. Some of his supporters wondered why someone of his reputation was selling a low-cap coin. Meanwhile, some accused him of intentionally trying to pump and throw the coin at his supporters.
In addition to the top shilling Same SOL parts Like Dogwifhat (WIF) in the past, Hayes has also dabbled in small and mid-cap coins. There was a moment where he mentioned that he purchased MOTHER and MOG tokens. He also bet the meme coin Solana AI Goatseus Maximus (GOAT).
Meanwhile, more recently, the meme piece Solana Deep Worm Price skyrocketed 180% after Hayes criticized it and claimed the coin would reach a billion market cap. When he purchased the coin, WORM had a market cap of $55 million. However, following the pump, WORM’s market cap fell to $41 million.
Solana Meme Coin Ecosystem Presents Huge Boost
As Arthur Hayes continues to sell Solana meme coins, there is no doubt about the positive impact these coins have had on Solana and the SOL price. THE SOL Price recently reached a new all-time high (ATH) of $263, and this development is due to the increased demand for the coin among traders looking to invest in meme coins on the network.
The Solana network also continued to see massive trading volume through its coin ecosystem. As a reminder, Solana currently leads all other chains, including Ethereum, in terms of decentralized exchange (DEX) volume.
DeFiLlama data shows that the network recorded DEX volume of $44 billion and $5 billion in the last seven days and 24 hours, respectively. Ethereum comes in a distant second with $17 billion and $2.9 billion recorded during these periods.
With crypto industry players like Arthur Hayes shilling these Solana meme coins, it is unlikely that the Solana network will continue to enjoy greater trading volume as more and more investors seek also to exchange these coins.
Boluwatif Adeyemi
Boluwatife Adeyemi is an experienced crypto writer and editor who has covered topics touching on DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making them easy to understand for crypto beginners. Outside of writing, he is an avid basketball player and part-time degen.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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