FlowerAI surged over 35% after Arthur Hayes’ post, bringing its market cap to $30 million. The promotion highlights the continued dominance of Solana’s meme coin ecosystem, which is outperforming Ethereum in decentralized exchange trading volumes.

Arthur Hayes Sparks FlowerAI Rally

Arthur Hayes posted a screenshot of the FlowerAI (FLOWER) meme coin's Dextool profile alongside the comment "kek." The post was sufficient to cause the meme coin's price to skyrocket, given Hayes' standing in the crypto community.

He created the post when the price of FLOWER was $0.02232, but since then, it has skyrocketed and is now more than $0.03. As a result of the price increase, the coin's market valuation has increased from $22 million to $30 million.

There has been backlash over Arthur Hayes's post. Someone of his stature was hawking a low-cap currency, and some of his followers wondered why. Others, meantime, said he was trying to dupe his followers by pumping and dumping the coin.

Hayes Draws Criticism for Low-Cap Coin Promotions

While Hayes has experience shilling top SOL meme coins like Dogwifhat (WIF), he has also ventured into low- and mid-cap coins in the past. At one point, he brought up the fact that he had purchased the MOTHER and MOG tokens. Goatseus Maximus (GOAT), an artificial intelligence meme currency, was also his bet.

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

Even though Arthur Hayes is still pushing Solana meme coins, it's clear that they've been beneficial to Solana and the SOL price, Coingape points out. Thanks to rising demand from traders seeking to invest in meme coins on the network, the SOL price just touched a new all-time high (ATH) of $263.

Solana Leads in Decentralized Exchange Volume

Because of its meme coin environment, the Solana network has also maintained its record-breaking trade volume. Just so you know, when it comes to DEX volume, Solana is now way out in front of any other chain, even Ethereum.

According to DeFiLlama, the network's DEX volume was $44 billion seven days ago and $5 billion an hour ago. At $17 billion and $2.9 billion, respectively, Ethereum is a distant second.

The Solana network is not likely to see a further increase in trading volume as more investors want to trade these meme coins, especially with prominent figures in the crypto business like Arthur Hayes endorsing them.