As an experienced analyst with a keen eye for market trends and a background in finance, I find myself constantly monitoring the crypto space for insights and opportunities. The recent shilling of FlowerAI (FLOWER) meme coin by BitMEX co-founder Arthur Hayes is a classic example of how influential figures can significantly impact the price action of low-cap coins.
Arthur Hayes, a co-founder at BitMEX and a wealthy figure in the crypto world, promoted another meme token based on the Solana blockchain to his audience. Not surprisingly, the value of this coin saw a surge after Hayes endorsed it through a Reddit post.
Arthur Hayes Shills FLOWER Meme Coin
In a recent social media post on X, Arthur Hayes publicized the Dextool profile of the FlowerAI (FLOWER) meme token, accompanied by the caption “kek”. Due to Hayes’ influence in the crypto world, this simple action significantly boosted the price of the meme coin.
Initially, when he shared the post, FLOWER’s value was approximately 0.02232 dollars, however, its price has surged since then and currently exceeds 0.03 dollars. At that moment, the coin’s market capitalization stood at around 22 million dollars, but it has grown to 30 million dollars due to the recent price surge.
Arthur Hayes’ post has faced scrutiny. Some of his supporters are puzzled as to why a person of his standing is promoting a lesser-known cryptocurrency. Others have even alleged that he’s attempting to inflate the value of the coin for his followers and then sell it at a profit, a practice known as pump and dump.
Apart from promoting popular SOL meme coins such as Dogwifhat (WIF) previously, Hayes has delved into low-value and mid-tier coins. At one point, he disclosed his purchase of the MOTHER and MOG tokens. Additionally, he placed a wager on the Solana AI meme coin Goatseus Maximus (GOAT).
Meanwhile, more recently, the Solana meme coin Deep Worm Price skyrocketed 180% after Hayes shilled it and asserted that the coin would reach a billion market cap. When he shilled the coin, WORM had a market cap of $55 million. However, following the pump, WORM’s market cap has since dropped to $41 million.
Solana Meme Coin Ecosystem Presents A Huge Boost
As Arthur Hayes persistently promotes Solana meme coins, it’s clear that these coins have significantly boosted Solana and the SOL price. Notably, the SOL price recently reached a record peak (new all-time high or ATH) of $263, which is largely due to increased interest from traders who are eager to invest in meme coins on the network.
On top of its meme coin environment, the Solana network has consistently seen high trading volumes. Notably, Solana outpaces other networks, like Ethereum, when it comes to volume on decentralized exchanges (DEX).
According to DeFiLlama’s data, the network has seen a total DEX trading volume of approximately $44 billion over the last week, with around $5 billion traded within the past 24 hours. In comparison, Ethereum trails behind significantly, recording volumes of roughly $17 billion and $2.9 billion during these respective timeframes.
As influential figures in the cryptocurrency sector such as Arthur Hayes promote Solana meme tokens, it’s likely that the Solana network may experience increased demand and trading activity from additional investors who are eager to engage in trading these digital assets.
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2024-11-23 12:31