- Memecoins are gateways for traders to experience the rest of crypto, says an executive
- Most of the memes were discounted amidst the overall market drawdown ahead of the Fed decision.
Memecoins have rallied harder than most crypto categories during the 2024 market cycle. In fact, memes were the best-performing category in Q1. However, the memecoins have equally attracted the market participants’ love and hate.
The recent fray of select celebrities into memecoins saw Ethereum [ETH] founder Vitalik Buterin register his ‘unhappiness’ with the trend.
On his part, Meow, the pseudonymous CEO of Solana-based DEX Jupiter Exchange, called meme tokens ‘user-generated money.’
Giving an illustration and comparison to Web 2’s user-generated content, the executive deemed memecoins as the Web 3 equivalent of Web 2’s content. But most importantly, the executed noted,
‘Memecoins are likely to be the gateway to understanding the rest of the crypto stack – infra, defi, RWAs’
Solana – Home of memecoins
The current memecoin supercycle has perhaps benefited Solana more than any blockchain so far, as users jumped on the chain to trade memes.
For example, Solana has outperformed Ethereum on the DEX (Decentralized Exchange) volumes front for the past five trading days. Interestingly, the DEX volumes are majorly dominated by meme trading pairs, Dexscreener data revealed.
This validates Meow’s statement that memecoins could be a gateway to DeFi and the rest of the crypto stack.
That said, the executive acknowledged Solana’s instrumental part in onboarding and hopefully turning memecoin mania into other crypto stacks.
‘You cannot actually talk about the current memecoin trend without giving flowers to Solana – the combination of speed, txn cost, crucial mass of devs, highly usable apps in one single state machine created the underlying infra to make this happen.’
Memecoins bleeds as BTC dips
However, another crypto analyst, Alex Kruger, claimed that new memecoins wouldn’t be successful unless they have different mechanics like Notcoin – the tap-to-earn game designed to onboard users into Web 3.
In the meantime, the overall meme segment was down by over 5% in the past 24 hours as Bitcoin [BTC] dipped to $67K ahead of the Fed decision.
Most of the legacy memes like Dogecoin [DOGE] were down double-digits on the weekly charts.
Additionally, Pepe [PEPE], Shiba Inu [SHIB], dogwifhat [WIF] were all in the red as they flashed discounted prices.
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