Jeff Zirlin, co-founder of Axie Infinity and Ronin, criticized the idea of comparing the success of altcoins and memecoins by their revenues, stating it is an “inductive fallacy” because regulatory clarity still hinders their potential. Crypto trader and influencer Murad Mahmudov, who shifted focus from Bitcoin analysis to memecoins, believes memecoins are more attractive than regular altcoins due to lower revenues. Zirlin argued that Murad’s prediction dismisses future potential and overlooks Uniswap, which he called a “sleeping giant” that has experienced substantial growth in trading volume. He believes Uniswap could have accumulated $314 million in its treasury if it had activated its fee switch mechanism. This capital could have been used for a buyback and burn of around 43 million UNI tokens, affecting the circulating supply on major exchanges. Zirlin also pointed out the 2021 success of Axie Infinity, which generated over $1 billion in revenue. The utility of the AXS token in the Axie “breeding” process caused a supply crunch that led to a price increase from $0.10 to $160 within a year. Zirlin argues that Murad is ignoring past events like the Axie rally and the potential future of altcoins such as Uniswap.
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