July 29, 2025
5 min read
Ifeoluwa Olalere
Solana co-founder Anatoly Yakovenko calls meme coins 'digital slop,' sparking debate on their value and impact on Solana’s ecosystem.
Are Meme Coins Fuel or Fluff? Solana Co-Founder Sparks Industry Discussion
Meme coins, often seen as humorous internet assets, have become a significant part of crypto trading. Many investors have profited from these digital tokens as trading volumes rise. However, over the weekend, Solana’s co-founder Anatoly Yakovenko raised serious concerns about their intrinsic value in a series of posts on X.Solana Co-Founder Questions Lasting Value of Meme Coins
Yakovenko described meme coins and NFTs as “digital slop,” comparing them to items found in mobile games that are visually appealing but lack substance. He likened them to loot boxes in free-to-play apps, which generate billions annually 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.”>
— Anatoly Yakovenko, Solana Co-founderHis comments attracted attention because Solana itself has benefited from the meme coin trend. The blockchain’s usage and revenue have increased, particularly through platforms like Pump.fun, which allow users to easily launch tokens.
Clashing Views on Token Quality and Purpose
The discussion intensified after artist and developer Sterling Crispin compared creator coins issued via the Zora protocol with meme tokens launched on Pump.fun. Crispin argued that tokens with low liquidity and rapid price increases on automated market makers often have toxic fundamentals and end up worthless. He described the space as one where gains typically come at the expense of others, warning that everyday users are most vulnerable, especially against coordinated groups or trading bots. Jesse Pollak, creator of Base, responded by defending creator tokens as tools that support digital content and enable value transfer between creators and audiences. Pollak emphasized that not all tokens are the same and that fundamentals, rather than the platform of issuance, should guide their evaluation.“Grouping tokens from Pump.fun and Zora together overlooks the differences in structure and purpose. Fundamentals matter more than the platform used.”
Debating Value: Hype or Innovation?
Yakovenko maintained that the appeal of meme coins is largely driven by hype and early speculation. Buyers often aim to profit before excitement fades, and creators try to sustain attention even at the cost of their reputation. He argued that if a token had real value, its price would remain stable regardless of ownership changes. Pollak disagreed, cautioning against treating all tokens as identical and advocating for project-by-project evaluation.Meme Coins Still Powering Solana’s Momentum
Despite Yakovenko’s skepticism, meme tokens have significantly boosted Solana’s recent growth by driving user activity and ecosystem engagement. Ray Youssef, CEO of crypto marketplace NoOnes, told Decrypt that distancing Solana from meme coins and NFTs risks losing the momentum that revived its ecosystem. He noted that much of Solana’s recent surge is tied to excitement around these trends. The broader meme coin market remains substantial, with CoinMarketCap data valuing it around $75 billion. Popular tokens like Dogecoin, Shiba Inu, and Pepe have seen minor price dips recently, while others like Floki and Pudgy Penguins experienced larger declines.This article was originally published by Ifeoluwa Olalere on Cointribune on July 29, 2025.