Anatoly Yakovenko, the mastermind behind the Solana blockchain, believes memecoins are actually good for the crypto world. He thinks they’re forcing projects to step up their game and deliver real value.
Memecoins Force Projects to Prove Their Worth
Yakovenko argues that memecoins are sucking up all the “meme energy” that fueled previous crypto trends like DeFi summer. This means projects can’t rely on hype alone anymore; they need to offer something truly valuable to stand out.
“I think previous cycles were also 90% meme 10% product,” he said. “Now each product has to make it purely on value. If that’s the case, it’s a good thing for the industry.”
Memecoins: Valuable or Not?
Some people think memecoins are worthless, but Yakovenko disagrees. He points out that the market ultimately decides what’s valuable.
“Memecoins and NFTs have no value. Neither do loot boxes, and that business has enough revenue to destroy the second-largest army in Europe every year,” he said.
Memecoins Are Big Business
The memecoin sector is booming, with a total market value of over $53 billion. Eight meme projects are even in the top 100 cryptocurrencies by market cap, led by Dogecoin, Shiba Inu, and Pepe.
