Memecoin has outperformed most cryptocurrencies in the 2024 market cycle. In fact, meme were the best-performing category in Q1. However, memecoin, along with its love, comes with skepticism and hatred among market participants.
The rush of celebrities entering the memecoin space caused conflicts that prompted Ethereum founder Vitalik Buterin to express “dissatisfaction,” as Bitcoin Magazine reported.
For his part, Meow, the anonymous CEO of DEX Jupiter Exchange on the Solana network, called Meme token “user-generated money.”
Offering an illustration and comparison to Web 2 user-generated content, the CEO considers memecoin equivalent to Web 3 content.
'Memecoin could be the gateway to understanding the rest of the crypto universe – Infrastructure, DeFi , RWA '.
The current memecoin supercycle has perhaps benefited Solana more than any blockchain to date, as users jump on the chain to trade meme.
For example, Solana has outperformed Ethereum in DEX volume over the past five trading days. Interestingly, DEX volume is mainly dominated by meme trading pairs.
Source: SolanaFloor
This validates Meow's claim that memecoin could be the gateway to DeFi and the rest of the crypto world.
That said, the executive acknowledged Solana 's important Vai in introducing and hopefully spreading the memecoin craze to other crypto sectors.
'You can't really talk about the current memecoin trend without giving Solana flowers – the combination of speed, txn costs, critical mass of developers, highly usable applications in one unique state machine that created the underlying infrastructure to make this happen.'
However, analyst Alex Kruger, claims that new memecoins will not be successful unless they have different mechanisms like Notcoin – the tap-to-earn game designed to bring users into Web3.
Meanwhile, the overall meme segment has declined slightly over the past 24 hours, and newer meme like WIF, PEPE, BONK, FLOKI , and BRETT are all down double digits in the same time period.
Source: Coingecko
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Itadori
According to Ambcrypto
