Although it started with Dogecoin (DOGE), meme coins have grown immensely over the years and have become a huge category. Especially with the new meme coins in the Solana ecosystem and the useless tokens in the Base network, meme coins have reached another dimension in the last few years. Many crypto experts think that this is a threat to the future of crypto.
The Future of Meme Coins
Uphold CEO Simon McLoughlin made a recent statement regarding the future of cryptocurrencies. meme coins He particularly drew attention to how dangerous the new type is. AI-powered meme coin creation applications allow people to mint their own tokens more easily without creating a Facebook account. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
So why is this a problem? As the number of limitless, meaningless, worthless assets increases, the intrinsic value of crypto is being exploited. The creation of 7,000 tokens a day is frustrating for Simon.
“It’s depressing to see that we’re now at a point where 7,000 new memecoins are being created every day. This AI-driven memecoin creation is devaluing the entire industry, literally dragging it down.”
Solana and Meme Coins
In the past months To the left We have seen how the strong increase in activity on the network positively affects the price. Some investors have difficulty understanding that even if the network activity increases, this does not mean anything in the medium and long term while the blockchain is turning into a huge garbage dump. The meme coin creation protocol on the Solana network, Pump Fun, was launched in January. 1 million tokens have been minted to date.
An average of 4,500 per day meme coin The cheapness and speed of the Solana network attracted investors who saw crypto as a huge casino while it was being printed. We have seen that meme coins reaching 10-20 thousand dollars experienced rug pull cases.
Uphold CEO says that for this reason, selected meme coins are listed and that they are extremely meticulous about this issue. FLOCK, PEPPEBONK and similar assets are included.
Elon Musk and Meme Coins
When we look back from these days, people miss the days when Elon Musk’s tweets were indexed and meme coins were born based on him. For example, Elon Musk, who shared a Baby Shark post, BabyDog It allowed us to see their tokens. Or when you named your dog, tokens were minted with the same name. However, we also saw a relatively good environment because fewer new tokens were being pumped into the markets in those days compared to today.
New meme coins While the number is increasing, we also see new tokens in the largest ones. DOGS, WIF and others. The only major meme coin that did not experience a loss in the week was WIF.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
