Bitwise CIO Highlights Need for New Crypto Narrative as Memecoins Decline
- The Lazarus Group attempted to launder funds from the Bybit hack through a memecoin platform.
- Lazarus Group stole nearly $1.5 billion worth of Ethereum (ETH) and Lido Staked Ether (stETH) from Bybit.
- Bitwise CIO Matt Hougan suggests the decline of memecoins is due to their use in illicit activities.
- Hougan identifies decentralized finance (DeFi) and stablecoins as potential new narratives for crypto investment.
Matt Hougan, Bitwise’s CIO, emphasizes the need for a new crypto narrative after the Lazarus Group’s $1.5 billion theft and laundering attempt through memecoins, suggesting DeFi and stablecoins as alternatives.
Source (2.6)https://dailyhodl.com/2025/02/26/bitwise-cio-matt-hougan-says-crypto-needs-another-story-as-memecoin-narrative-fizzles-out/?rand=59076
