Are Meme Coins Fuel or Fluff? Solana Co-Founder Sparks Industry Discussion

Meme coins, though often treated as humorous internet assets, have become a popular part of crypto trading. Many investors have made profits from these digital tokens, especially as trading activity continues to rise. Yet, over the weekend, Solana’s co-founder Anatoly Yakovenko expressed serious concerns about their true value during a series of posts on X.

Solana Co-Founder Questions Lasting Value of Meme Coins

Yakovenko referred to meme coins and NFTs as “digital slop.” He compared them to items found in mobile games, suggesting they are appealing in design but empty in substance. According to him, they operate like loot boxes in free-to-play apps, which receive billions of dollars yearly despite having no lasting value.

I’ve said this for years. Memecoins and NFTs are digital slop and have no intrinsic value. Like a mobile game loot box. People spend $150b a year on mobile gaming.

Solana’s co-founder Anatoly Yakovenko

His remarks gained attention partly because Solana itself has benefited significantly from the meme coin trend. The blockchain has seen increased usage and revenue due to the popularity of these assets, especially through Pump.fun, a Solana-based platform where users can launch tokens with ease.

Clashing Views on Token Quality and Purpose

The back-and-forth began after artist and developer Sterling Crispin compared creator coins issued through the Zora protocol with meme tokens launched on Pump.fun, a platform built on Solana. Crispin argued that tokens with very little liquidity and fast-rising price curves on automated market makers often end up being worthless.

The developer noted that despite being labelled as creative or cultural, these tokens often work the same way. He described the space as one where gains usually come at someone else’s loss. In his view, everyday users are most at risk, especially when going up against coordinated groups or fast-moving trading bots.

Jesse Pollak, the creator of Base, responded by defending creators and the use of tokens in supporting their work. He stated that digital content has real value, and coins offer a way to transfer that value between creators and audiences. Pollak believes tokens can give creators more control over their earnings and unlock new business opportunities.

He also argued that not all tokens are built alike. In his view, grouping tokens from Pump.fun and Zora together overlooks the differences in how they are structured and what purpose they serve. For Pollak, fundamentals should guide how tokens are judged, not just where or how they were created.

Debating Value: Hype or Innovation?

Yakovenko maintained that the appeal of these tokens is driven mostly by online buzz. He explained that buyers often rely on getting in early, aiming to profit before the excitement fades. According to him, creators try to keep attention on the token for as long as possible, even if it comes at the cost of their own image. He added that if a token held genuine value, its price wouldn’t drop just because someone sold it. Real value, he said, should remain stable regardless of who owns it.

Pollak disagreed, saying it was wrong to treat all tokens the same. He pointed out that not every coin launched through platforms like Pump.fun fits one label. In his view, it’s important to look at each project on its own, rather than dismissing them all under a single category.

Meme Coins Still Powering Solana’s Momentum

Solana’s recent growth has been boosted significantly by meme tokens. While Yakovenko questions the value behind such activity, it has brought attention and user activity to Solana’s ecosystem.

Ray Youssef, CEO of the crypto marketplace NoOnes, told Decrypt that if Solana distances itself from meme coins and NFTs, it risks losing connection with the key forces that revived its ecosystem. He pointed out that recent growth has largely come from the excitement around these trends, and stepping away from them might weaken that momentum.

Meanwhile, the broader meme coin market remains sizable. Data from CoinMarketCap puts their total value at around $75 billion. Many of the most recognized tokens, including Dogecoin , Shiba Inu, and Pepe, have seen small price dips of about 2% in the past 24 hours. Others, like Floki and Pudgy Penguins, experienced slightly larger drops, falling by 4% and 6%, respectively.