Solana Co-founder Warns Against Meme Coin Pre-sales Amid Community Debate

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The Essentials in Brief

Anatoly Yakovenko, co-founder of Solana, is appealing to the crypto community not to invest funds in pre-sales of meme coins. These calls are made due to the observation that many of these coins have no intrinsic value and are merely products of the latest trend. With more than 655,000 SOL collected in 27 pre-sale campaigns, this practice is dividing the crypto community.

Criticism of the Pre-Sale of Meme Coins

Solana’s co-founder, Anatoly Yakovenko, responded to a post by on-chain detective ZachXBT on X, highlighting the massive investments in Solana-based meme coins. Yakovenko’s reply: “Stop it” highlights the concern about the recent wave of pre-sales that have created assets worth millions out of nowhere. The biggest fundraiser was visual artist Dekadente, who received almost 170,000 SOL for the upcoming SMOLE token.

The Division of the Community

The pre-sales of these coins, which often have no real value, have led to a division within the crypto community. Critics question the logic behind these pre-sales, while supporters emphasize financial freedom – a fundamental principle on which the broader Web3 industry is based. Despite the criticism, traders continue to trade these tokens, with the BOME token recording a 24% increase after a 50% drop, while SLERF fell by 25%.

A Look at the Price Development

While the debate continues, traders are experiencing gains and losses with these tokens. After a drop of 8.5%, SOL slipped to fifth place in the list of top cryptocurrencies by market capitalization. These developments raise questions about the long-term effects of such pre-sales on the crypto economy and the perception of Solana in the broader crypto community.

Our Assessment

The recent events surrounding the pre-sales of meme coins on the Solana blockchain clearly highlight the risks and polarization within the crypto community. While some celebrate the financial freedom and opportunities that the crypto market offers, others warn of the dangers associated with investing in assets without intrinsic value. It remains to be seen how this debate will affect the future of Solana and the crypto industry as a whole.

Sources: AMBCrypto, CryptoQuant

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Casinos: 6
Profile Solana
Symbol SOL
Coin type Alt Coin
Pros
  • Secure payment method
  • Very fast transactions
Cons
  • Not widely used
Price 141,21 €
Percent Change 24h -4,44 %
Percent Change 7d 17,13 %
Percent Change 30d -21,52 %
Percent Change 60d 47,95 %
Percent Change 1y 607,18 %
Market Cap 63.331.299.668,00 €
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