Solana’s Anatoly Yakovenko says memecoins have sucked the life out of every crypto cycle before them

Source Cryptopolitan

Solana co-founder Anatoly Yakovenko has pointed out that memecoins have repeatedly drained the momentum out of every crypto cycle that came before them.

According to him, they dominate the market, leaving other projects struggling for attention. Yakovenko believes the cycles are 90% meme and only 10% actual product.

Meme coins stealing the show

This current cycle is no different. Memecoins today have taken over the meme energy that once fueled cycles like DeFi summer, leaving products to stand purely on their value.

If true, he thinks it’s good for the industry. No more hiding behind hype. Projects must prove themselves.

This cycle’s meme coin market is wild, driven by influencers, celebrities, and hype. It’s chaotic and volatile, but that’s the game now. 

The meme coin market, as of press time, has seen massive growth, reaching a total capitalization of $44.01 billion.

The daily trading volume is also huge, with around $4.63 billion moving through memecoins every 24 hours. Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are the top 3 largest ones.

DOGE alone boasts a market cap of $16.9 billion, with SHIB trailing at $9.83 billion, and newcomer PEPE sitting at $4.52 billion.

Celebrities pumping the hype

Memecoins have always been about hype, and this year, celebrity involvement has thrown gasoline on the fire. Celebrities like Caitlyn Jenner, Iggy Azalea, and Nigerian artist Davido have launched their own tokens. 

JENNER launched on May 26, hitting a $40 million market cap in just a few hours. Right now, it is down 68.4% from its all-time high.

Iggy Azalea’s MOTHER also saw big gains in the first few ays after launch, but the value tanked as rumors of scams and controversies started going around.

Meanwhile, shortly after the launch of DAVIDO, it was accused of being pre-mined, with insiders dumping it soon after. It was a blatant pump-and-dump.

Yakovenko’s theory that memecoins have sucked the life out of other cycles seems spot-on. Solana-based memecoins are now major players in this current cycle, outperforming even Ethereum-based alternatives.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
U.S. Q2 earnings season is coming, JPMorgan and Citi are the first to appearThe US stock Q2 earnings season kicked off, and JPMorgan, Citigroup (C-US), Wells Fargo, Goldman Sachs will be the first to release their results before the market opens on Tuesday.
Author  TradingKey
10 hours ago
The US stock Q2 earnings season kicked off, and JPMorgan, Citigroup (C-US), Wells Fargo, Goldman Sachs will be the first to release their results before the market opens on Tuesday.
placeholder
Dow Jones futures point to a negative opening after the latest Tariff threatsWall Street is expected to open the week in the same negative tone that closed the previous one.
Author  FXStreet
11 hours ago
Wall Street is expected to open the week in the same negative tone that closed the previous one.
placeholder
AUD/JPY holds gains near 97.00 despite increased safe-haven demandAUD/JPY extends its winning streak for the third successive session, trading around 96.80 during the European hours on Monday.
Author  FXStreet
11 hours ago
AUD/JPY extends its winning streak for the third successive session, trading around 96.80 during the European hours on Monday.
placeholder
Metaplanet acquires BTC at record pricesMetaplanet added another 797 BTC to its treasury.
Author  Cryptopolitan
11 hours ago
Metaplanet added another 797 BTC to its treasury.
placeholder
Bitcoin hit a new all-time high of $123,400 on Monday after massive ETF inflowsBitcoin broke through $123,000 on Monday, setting a fresh all-time high.
Author  Cryptopolitan
11 hours ago
Bitcoin broke through $123,000 on Monday, setting a fresh all-time high.
goTop
quote