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
Semiconductor Sector Continues to Rise, Should Retail Investors Buy Intel or AMD? On April 23, Eastern Time, Intel (INTC) reported its latest quarterly earnings results, showing that revenue grew 7% to $13.6 billion and earnings per share was $0.29, beating expectation
Author  TradingKey
Apr 24, Fri
On April 23, Eastern Time, Intel (INTC) reported its latest quarterly earnings results, showing that revenue grew 7% to $13.6 billion and earnings per share was $0.29, beating expectation
placeholder
Gold drops below $4,700 on stronger US Dollar, Middle East tensions Gold price (XAU/USD) falls to around $4,690 during the early Asian session on Friday. The precious metal attracts some sellers amid a stronger US Dollar (USD) and elevated oil prices that stoked inflation worries. 
Author  FXStreet
Apr 24, Fri
Gold price (XAU/USD) falls to around $4,690 during the early Asian session on Friday. The precious metal attracts some sellers amid a stronger US Dollar (USD) and elevated oil prices that stoked inflation worries. 
placeholder
Silver Price Forecast: XAG/USD plummets below $76 as oil price posts fresh weekly highSilver price (XAG/USD) is down almost 2.3% to near $76.00 during the European trading session on Thursday. The white metal faces selling pressure as oil prices extends its winning streak for the third trading day on Thursday.
Author  FXStreet
Apr 23, Thu
Silver price (XAG/USD) is down almost 2.3% to near $76.00 during the European trading session on Thursday. The white metal faces selling pressure as oil prices extends its winning streak for the third trading day on Thursday.
placeholder
WTI sticks to positive bias above $92.00 amid Middle East tensionsWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – fades an Asian session spike to the $95.80-$95.85 area, or a one-and-a-half-week top, and retreats to the lower end of its daily range in the last hour.
Author  FXStreet
Apr 23, Thu
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – fades an Asian session spike to the $95.80-$95.85 area, or a one-and-a-half-week top, and retreats to the lower end of its daily range in the last hour.
placeholder
JPMorgan Raises S&P 500 Target; Can AI Sector Continue to Drive US Stocks?JPMorgan Chase has raised its year-end target for the S&P 500, noting that the core driver is not a simple recovery in sentiment, but rather upward earnings revisions for AI-related techn
Author  TradingKey
Apr 22, Wed
JPMorgan Chase has raised its year-end target for the S&P 500, noting that the core driver is not a simple recovery in sentiment, but rather upward earnings revisions for AI-related techn
goTop
quote