Anatoly Yakovenko, the co-founder of Solana Labs, expressed his skepticism about the idea of meme coins contributing to public good. His comments come amid the meteoric rise of Solana SOL/USD based meme coins like Dogwifhat WIF/USD and Bonk (BONK).
What Happened: Yakovenko took to social media platform X formerly known as Twitter to share his thoughts on meme coins and their potential to contribute to the public good. He stated, “Memecoin are bad, but if they donate to a public good then they have paid a penance for the bad thing. I find this logic to be nihilistic.”
He continued, “I'd rather see people that hodl a memecoin change their behavior and go do something good, like walk dogs at a dog shelter and encourage other hodlers to do the same. Personal behavior change towards something good is much more important than financialization of good.”
See Also: Dogecoin Set to Surge Over 200%, Says Crypto Analyst: ‘It’s Going To Do Something Insane This Cycle’
Yakovenko’s comments come at a time when meme coins are gaining significant traction in the cryptocurrency market. Coins like Dogwifhat, Bonk, and Floki have been dominating the top gainers list in recent weeks, sparking a debate about their legitimacy and potential impact.
Why It Matters: Solana SOL/USD, a blockchain platform, has been making waves in the cryptocurrency space. In February, the company’s co-founder Yakovenko highlighted the potential of blockchain in e-commerce, citing the success of their mobile phone sales.
Meanwhile, meme coins have been a hot topic in the crypto world. In March, Dogwifhat, in particular, caught the attention of investors as it gained ground on Dogecoin DOGE/USD and Shiba Inu (SHIB). The surge in meme coin activity has also led to a significant increase in short liquidations for Dogwifhat.
Image Via Shutterstock
Read Next: Dog-Themed Meme Coins Dogwifhat, Floki, Bonk Dominate Top Gainers, Why Are They Surging Today
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
