Co-founder of Solana calls Meme Coin "digital trash" despite the network benefiting greatly

Anatoly Yakovenko, co-founder of Solana, sparked controversy by labeling #memecoin and NFT as "digital trash" and "without intrinsic value," comparing them to loot boxes in free games. This statement is surprising as Solana is benefiting significantly from meme coin trading.

The contradiction between the founder's viewpoint and market realities

In a debate with Jesse Pollak, the creator of Base (Coinbase), Yakovenko argued that meme coins are merely temporary attention cycles, where buyers hope to "sell after it goes viral and before the virality dies down." Pollak countered that content and content creators are "extremely valuable," and tokens are the "most powerful technology" for transferring value to creators.

Despite Yakovenko's criticism, #solana remains heavily dependent on meme coins. Platforms like Pump.fun (on Solana) have launched nearly 12 million tokens and generated over 776 million USD in revenue since 2024.

Some experts argue that meme coins and NFTs are "short-term trends" that can boost revenue but are not sustainable. Long-term growth requires attracting investment and enduring acceptance. However, others warn that if Solana tries to distance itself from meme coins and NFTs, it risks "disconnecting from the source of energy that has revitalized the ecosystem," turning Solana into "a sterile database and ghost town of unrealized potential."