Memecoin Craze Over, DeFi and Stablecoins Could Be the Future – Bitwise CIO

The chief investment officer of Bitwise, Matt Hougan, recently shared his thoughts on the fading allure of memecoins and how the crypto market is in need of a new narrative.

In a conversation with crypto influencer Scott Melker, Hougan discussed the damaging impact of the Lazarus hacking group’s recent involvement in a money laundering attempt linked to the Bybit hack.

He pointed out that the use of platforms like pump.fun for laundering stolen funds has left a negative mark on the memecoin space.

Hougan believes that this development could signal the end of the memecoin craze. The association with illicit activities, such as money laundering, could push investors away from the sector.

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The case of Lazarus hacking and the involvement of memecoins like MELANIA and LIBRA may undermine the credibility of these assets, leading to a decline in their popularity.

With this shift in the market, Hougan emphasized the need for fresh stories to capture investor interest. He sees potential in areas like decentralized finance (DeFi) and stablecoins, though they haven’t yet garnered the same level of attention or excitement that memecoins did.

As the memecoin craze fades, Hougan suggests the industry should pivot to these emerging areas to find new momentum.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.