Arthur Hayes is very bullish on Ordinals<\/a> and memecoins.<\/p>\n As the nascent Ordinals ecosystem takes the oldest blockchain\u2019s development by storm\u2013with a series of funding rounds<\/a> and new protocols launching\u2013Hayes explained his thesis to The Defiant, and how his fund is targeting not only Ordinals, but the larger memecoin sector.<\/p>\n \u201cOrdinals, BRC-20, and Runes bring human culture to the oldest, largest and most valuable crypto community \u2013 the Bitcoin<\/a> community,\u201d he told The Defiant.<\/p>\n Maelstrom, the family office he leads and which takes a 10\/20\/50 year time horizon according to its website, \u201cis extremely bullish on the future of any assets or protocols tangentially related to these areas of interest,\u201d said Hayes.<\/p>\n The word \u201cmeme\u201d was first coined by evolutionary biologist Richard Dawkins to define a unit of culture. Hayes\u2019 refers to Ordinals, and their subsequent meme culture, as bringing in an essential part of human culture to the Bitcoin ecosystem.<\/p>\n In addition to Ordinals and memecoins, Hayes also fixes his eyes on BRC-20s<\/a> and Runes, the latter a new protocol launching last week in line with the Bitcoin halving.<\/p>\n Ordinals\u2019 inscriptions are the Bitcoin equivalent of NFTs. They are arbitrary data that lives on the Bitcoin blockchain, tied to a satoshi, the smallest denomination of a Bitcoin. <\/p>\n Runes, which launched on the day of Bitcoin\u2019s fourth halving, is a new way to inscribe information onto the oldest crypto network in a more efficient manner than fungible tokens issued on the Bitcoin network, called BRC-20s,.<\/p>\n Following a February and March lull, Ordinals have picked up again, with daily inscriptions doubling<\/a> in April to an average of 150,000. More than 66 million inscriptions have been registered on the Bitcoin blockchain, with Ordinals inscriptions driving NFT volumes to a 12-month high.<\/p>\n Hayes\u2019 is no stranger<\/a> to crypto culture.<\/p>\n Not only did he co-found BitMex<\/a>, the crypto exchange that gave rise to 100x leverage, his most recent investment is a nod in crypto history\u2019s direction.<\/p>\n Just last week he purchased WZRD, a Bitcoin Ordinals NFT project<\/a> that celebrates the iconic magic internet money meme that toured the Bitcoin world in 2013\u2013and has since become a symbol of the blossoming Ordinals ecosystem.<\/p>\n WZRD has been a juggernaut in the past month, posting<\/a> a 7,500% gain in the past 14 days, trading today for $5.51.<\/p>\n \u201cAbracadabra Bitches,\u201d he posted. \u201cLet’s bring it back to the old school. Yachtzee.\u201d<\/p>\n Hayes added to the meme\u2019s appeal, in true digital native style, \u201cthere is nothing more based than the r\/bitcoin Wizard meme of Magic Internet Money.\u201d He\u2019s referring to the subreddit where the image launched, r\/Bitcoin.<\/p>\n Alongside Ordinals, memecoins have been the darling of the current bull cycle.<\/p>\n The sector has a $56 billion market cap, with new tokens springing to life daily on Solana, Base<\/a>, and Blast.<\/p>\n Hayes acknowledges the time and place that memecoins have, including their usual short-lived hype, in fact defying Maelstrom\u2019s 10\/20\/50 time horizon.<\/p>\n \u201cFrom a liquid trading perspective, we want to acquire assets that have provenance and gave rise to crypto meme culture,\u201d he explained.<\/p>\n This includes not only the aforementioned WZRD, but also the more recent memecoins that have been permeating the crypto zeitgeist, such as dogwifhat<\/a> or jeo boden.<\/p>\n Bitcoin Ordinals are making waves.<\/p>\n The oldest blockchain in the world is experiencing a full-blown renaissance of developers, users, artists, and builders, after Casey Rodarmor launched the protocol in early 2023.<\/p>\n Now, VCs are paying attention, with Ordinals explorer Ord.io announcing<\/a> a $2 million raise to build out the Ordinals data layer, Hayes\u2019s Maelstrom fund backed Oyl, an Ordinals-focused wallet that recently raised $3 million, and Taproot Wizards closed a $7.5 million round to \u201cbring the magic back to Bitcoin.\u201d<\/p>\n With help from Runestones<\/a>, in fact, Ordinals have even been pulling the entire<\/a> NFT sector forward, with volumes climbing to 12-month highs.<\/p>\n With all this, it\u2019s safe to say the digital gold narrative has run its course as the sole Bitcoin use-case as there are finally more Bitcoin-based applications \u2013 and one of crypto\u2019s most renowned investors is bullish on this shift.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The investor\u2019s fund, Maelstrom, is focused on assets that gave rise to crypto meme culture. Arthur Hayes is very bullish on Ordinals and memecoins. As the nascent Ordinals ecosystem takes the oldest blockchain\u2019s development by storm\u2013with a series of funding rounds and new protocols launching\u2013Hayes explained his thesis to The Defiant, and how his fund […]<\/p>\n","protected":false},"author":2,"featured_media":289215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-289214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/289214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=289214"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/289214\/revisions"}],"predecessor-version":[{"id":289220,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/289214\/revisions\/289220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/289215"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=289214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=289214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=289214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Meme-ology<\/h2>\n
Magic Internet Money<\/strong><\/h2>\n
![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Feded57032728e6bda78ad9a9ac52d0ea905083f8-443x384.jpg&w=828&q=100\")
<\/figure>\nBacking Crypto Meme Culture<\/strong><\/h2>\n
Ordinals Are Booming<\/strong><\/h2>\n