Solana memecoin developer ignites: marketing mastery or madness?

Mikol, developer of memecoin Solana, accidentally set himself on fire while trying to promote his cryptocurrency to a livestream audience.

During a marketing stunt for Solana (GROUND) memecoin “Trust or Dare”, Mikol inadvertently set himself on fire while others shot fireworks in his direction. As the situation worsened, Mikol was set on fire and had to be rushed to a hospital in Miami.

Community members later confirmed that Mikol suffered third-degree burns over nearly three-quarters of his body. However, the Solana developer has stated that it without being discouraged by the accident and focused on building this daring project.

Solana memecoins play with fire

Mikol’s fiery marketing antics highlight a growing trend around Solana memecoins and the speculative culture that has gripped the crypto market over the last cycle.

Solana’s accessibility and low transaction costs have encouraged many creators to launch tokens on its blockchain, regardless of their practical utility.

Recent data from Binance reports that nearly 500,000 new cryptocurrencies were launched on Solana last month.

Several of these projects were based on memetic concepts, but most of the pieces might not survive the year. Nonetheless, the allure of turning a small amount of capital into massive winnings in minutes or months fuels what some “cryptocurrency games” or “crypto casino” do.

An influx of celebrities like the Australian singer Iggy Azalea and Nigeria Davido added an extra layer of buzz to these Solana memecoins, even though several past projects from her and other celebrities have mostly fallen to zero.

Ethereum’s Vitalik Buterin expects more

Co-creator of Ethereum Vitalik Buterin weighed in on the situation, expressing his displeasure with the current trend of celebrity-backed launches.

“I feel pretty unhappy with the celebrity experimentation in this cycle so far,” Buterin wrote on X in response to an Azalea-related reference.

The OG blockchain builder expects celebrity memecoins to have an end goal of public service or a charitable plan, where profits are donated to a cause.

Buterin too suggested more on-chain mechanisms like decentralized autonomous organizations (DAOs) to coordinate meaningful participation and ensure sustainable ideas, rather than short-lived projects built on fading trends.

“The North Star should be: have a project in which even if ultimately all the chips involved go to zero, the average person who participated is happy they did,” Buterin said.

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