Arthur Hayes Sparks FlowerAI (FLOWER) Rally, Bringing Its Market Cap to $30M

The promotion highlights the continued dominance of Solana's meme coin ecosystem, which is outperforming Ethereum in decentralized exchange trading volumes.

Arthur Hayes’ recent promotion of FlowerAI (FLOWER) led to a 35% surge in the meme coin's price, highlighting Solana's thriving meme coin ecosystem.

According to a recent post, Hayes posted a screenshot of the FlowerAI (FLOWER) meme coin's Dextool profile with the comment "kek." Given Hayes' stature in the crypto community, the post was enough to spark a surge in the meme coin's price.

Arthur Hayes Sparks FlowerAI Rally

Hayes made the post when the price of FLOWER was $0.02232, but it has since surged and now trades at over $0.03. The price increase pushed the coin's market capitalization up from $22 million to $30 million.

However, there was some backlash to Hayes' post, with some of his followers questioning why someone of his standing was shilling a low-cap coin. Others speculated that he was trying to trick his followers by quickly pumping and dumping the coin.

Hayes Draws Criticism for Low-Cap Coin Promotions

While Hayes is known for shilling top SOL meme coins like Dogwifhat (WIF), he has also ventured into the realm of low- and mid-cap coins in the past. At one point, he disclosed his purchase of the MOTHER and MOG tokens. He also placed a bet on Goatseus Maximus (GOAT), an AI meme currency.

On the other hand, the price of Deep Worm increased by 180% after Hayes promoted the Solana meme coin and predicted that its market capitalization will reach $1 billion. His shilling of the coin occurred while WORM's market cap was $55 million. Since the pump, WORM's market capitalization has decreased to $41 million.

Coingape notes that even as Arthur Hayes continues to promote Solana meme coins, their performance has benefited Solana and the SOL price. The SOL price just reached a new all-time high (ATH) of $263, thanks to increased demand from traders looking to trade meme coins on the network.

Solana Leads in Decentralized Exchange Volume

The Solana network has also maintained its record-breaking trade volume thanks to its meme coin ecosystem. To put things in perspective, Solana is now the undisputed leader among all chains in terms of DEX volume, even surpassing Ethereum.

According to DeFiLlama, the network's DEX volume was $44 billion seven days ago and $5 billion an hour ago. Ethereum follows far behind, with $17 billion and $2.9 billion, respectively.

As more investors seek to trade these meme coins, especially with prominent figures in the crypto industry like Arthur Hayes endorsing them, the Solana network is likely to see a further increase in trading volume.