At Consensus Miami 2026, Arthur Hayes stated that 99% of altcoins, often referred to as "shitcoins," may eventually become worthless. However, he emphasized that this does not signal the end of the cryptocurrency industry. Hayes compared this potential market purge to the historical turnover of the S&P 500, where approximately 98% of companies have been replaced since 1929. He argued that such a process is a natural part of market evolution, suggesting that the altcoin ecosystem will continue to exist and develop despite these challenges.