In a recent interview with Coindesk, Switchboard co-founder Chris Hermida shared his thoughts on what influenced the cryptocurrency markets over the weekend and leading up to Monday morning. He started by expressing a general tendency to discount weekend market movements. Chris said that recent sell-offs were driven by news related to Mt. Gox and actions by the German government, resulting in a general decline in market sentiment. 

When asked about the ongoing impact of Mt. Gox news, Chris noted that the situation has been known for a long time, with people buying claims to Mt. Gox as far back as 2017. The main question now is how many of these claim holders will choose to sell their assets.

Chris explained that not all claim holders are likely to liquidate their holdings immediately. While some selling is expected, he doesn’t foresee a massive sell-off involving 50% or more of the claim holders. The current selling pressure is compounded by the German government’s liquidation activities and the prevailing negative sentiment in the crypto market.

Why Are Investors Attracted To Meme Coins?

He added that many people find meme coins easy to understand and fun. Compared to others, it’s an interesting one for a broad audience within the market.

“I mean, I think a lot of it is that they’re easy to understand and fun for many people. Compared to other narratives, it’s an appealing one for a broad audience within the ecosystem—not just speculators and builders, but also those who might not have been exposed to crypto before. It gives them a way to participate and find enjoyment in it,” he said.

Regarding sustainability, he expressed uncertainty, but acknowledged that meme coins do attract a new crowd to crypto. The hope is that they come for the memes and stay for all the other benefits.

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