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