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David Hoffman, co-founder of decentralized autonomous organization (DAO) Bankless, called the outperformance of Dogwifhat (CRYPTO: WIF) over Ethereum-tethered Layer-2 blockchains “crazy.”
What Happened: Hoffman commented on a tweet that compared the market capitalization of Dogwifhat and Arbitrum (CRYPTO: ARB), a popular Layer-2 blockchain for Ethereum (CRYPTO: ETH):
The comment drew a lot of ridicule on social media, with one commentator calling it a “classic midcurve take on meme coins.”
Another one pointed out that Arbitrum’s hypothetical price-to-earnings ratio is 1,194, meaning it is “overlaued and doesn’t have a hat.”
Hoffmann rebuked the criticism, saying he was not giving a “rescriptive statement about bullish or bearish utility vs meme” but simply refuting the fact that Arbitrum’s governance token has “zero utility.”
Why It Matters: The discussion follows a wider debate in cryptocurrency circles about the value of meme coins.
BitMex co-founder Arthur Hayes dismissed criticism of meme coins in a recent interview.
“You can poo-poo these things as stupid and valueless, but if it brings attention and more engineers to the space, it’s positive value for the chain itself,” he said.
Ethereum co-founder Vitalik Buterin pointed out the value of the seemingly chaotic meme coin-fuelled trading frenzy in his “Degen Communism” blog post.
He proposed acknowledge and embrace the chaos of the cryptocurrency industry and design incentives to ensure that the results of this chaos are beneficial to the common good.
Dogwifhat is up 26.5% over the past seven days, compared to Arbitrum’s 13.5% price slide. At the time of writing, the two cryptocurrencies are trading neck-and-neck in market capitalization. The meme coin is valued at $4 billion compared to the blockchain’s $3.9 billion.
What’s Next: The impact of Ethereum and blockchains as investment vehicles are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Trader Who Urged Everyone To Buy $1 Of Bitcoin In 2013 Now Advocates For ‘Dogecoin Killer’ Shiba Inu
Image created using artificial intelligence with Midjourney.
