Solana co-founder strongly supports meme coins; highlights memecoin migration from ETH to Solana ⋆ ZyCrypto

In a recent development, the co-founder of Solanaone of the most popular proof-of-stake networks, has shown support for meme coin-based cryptocurrencies.

Raj Gokal, one of the minds behind Solana, took to X, formerly Twitter, to support meme coins despite criticism from prominent cryptocurrency enthusiasts.

In response to the CTO of venture capital firm a16z, who has remained highly critical of memecoins, Gokal insists that meme-inspired tokens pose no threat to the broader cryptocurrency market. He also implies that memecoins appeal to a younger audience, which is essential for the industry’s progress.

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Gokal’s statement comes not long after a16z’s Eddy Lazzarin expressed his concerns about the role of memecoins in the industry this time. He argues that memecoins have no technical appeal and explains why such tokens are not attractive to industry developers.

“In addition to undermining the long-term vision of cryptocurrencies that has kept so many of us in the space, memecoins aren’t very interesting from a technical perspective. It should come as no surprise that they are not attractive to builders.” Lazzarin wrote.

Lazzarin amplifies the perceived disadvantages of memecoins

Another prominent crypto industry figure took a more critical approach, refuting Lazzarin’s claims, insisting that the mass adoption of meme coins through chains like Base, Blast, and Solana has amplified their collective appeal.

It’s worth mentioning that Lazzarin’s perspective on meme coins mirrors that of a broader audience in the cryptocurrency community. Memecoins have received widespread acceptance and criticism from the entire digital finance industry.

While Elon Musk has supported the leading meme coin, Dogecoin, other key players reject the presence of meme coins, citing their volatility as one of the major drawbacks.

Amplifying the critics’ sentiments, Lazarrin is quoted as saying:

“Memecoins alter the way the public, regulators and entrepreneurs view cryptocurrencies. At best, it seems like a risky casino. Or a series of false promises that disguise a casino. This profoundly impacts adoption, regulations/laws and manufacturer behavior. I see the damage every day. You should too.”

On a fundamental level, meme coins are progressively attempting to expand their internal community. Specifically, Shiba Inu (SHIB), the decentralized cryptocurrency based on Ethereum blockchain, is attempting to address the slow transaction speed of Ethereum through the introduction of Shibarium.

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