Satoshi

Solana

Show

Verge

Coin

<p>The explosive growth of meme coins like BONK and WIF on the Solana blockchain is raising concerns about the long-term sustainability and credibility of the platform. According to<a href="https://x.com/CryptoKoryo/status/1796096810890514554?t=jftJ-rGVeshLwKKYhqi6LQ&amp;s=19" target="_blank" rel="nofollow"> crypto analyst Crypto Koryo</a>, the relentless launch of new meme tokens is destroying the SOL ecosystem and tarnishing the image of Solana as a serious contender to Ethereum.</p> 
<h2 class="wp-block-heading" id="dilution-and-retail-losses">Dilution and Retail Losses </h2> 
<p>Koryo points to data showing an alarming disconnect between the surging number of new meme coin listings on the Solana decentralized exchange Orca and the declining overall trading volumes on the network. This trend, exacerbated by the bearish market conditions, suggests that the <a class="wpil_keyword_link" href="https://captainaltcoin.com/meme-coins/" title="meme" data-wpil-keyword-link="linked" target="_blank">meme</a> coin frenzy is leading to oversaturation and dilution, with limited trading activity spread thin across an ever-increasing number of tokens.</p> 
<p>The analyst argues that while celebrities and promoters are profiting handsomely from the meme coin mania, retail investors are likely bearing the brunt of the losses. <em>“It means celebrities and those promoting these meme coins are making a lot of money very quickly, but more and more retail [investors are] probably losing money,” </em>Koryo warns.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="576" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087-1024x576.png" alt="" class="wp-image-500809" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087-1024x576.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087-300x169.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087-767x431.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087-1536x864.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087-2048x1151.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087-267x150.png 267w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087-623x350.png 623w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087-788x443.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-1087.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
<h2 class="wp-block-heading" id="undermining-solana-s-reputation">Undermining Solana’s Reputation </h2> 
<p>Koryo raises concerns that the proliferation of meme coins and the associated risks of rug pulls and Ponzi schemes could severely damage Solana’s reputation as a credible blockchain platform. <em>“Solana will become (is becoming) a house full of sh*t and ponzis and rug pulls,” </em>the analyst cautions, questioning whether this is the desired path for a network aiming to compete with Ethereum.</p> 
<p>The analyst also criticizes tools like <em>“pumpdotfun” </em>and <em>“degendotfund,” </em>which are perceived as exacerbating the problem by fueling the meme coin craze.</p> 
<h2 class="wp-block-heading" id="threat-to-the-meme-coin-narrative">Threat to the Meme Coin Narrative </h2> 
<p>Koryo argues that the oversaturation of meme coins on Solana could ultimately undermine the broader meme coin narrative. With an overwhelming number of choices, retail investors may become disillusioned and lose interest, as predicted by Barry Schwartz’s <em>“The Paradox of Choice: Why More Is Less.”</em></p>  
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0">
  <i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style> 
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px"> 
    <p><strong><a href="https://mileimoneda.io/?utm_source=marketing&amp;utm_medium=inarticle&amp;utm_campaign=cap&amp;utm_id=s1" target="_blank" rel="nofollow">Milei Moneda</a></strong> is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president&nbsp;known for his libertarian and pro-Bitcoin stance. You have an opportunity with the <strong><a href="https://mileimoneda.io/?utm_source=marketing&amp;utm_medium=inarticle&amp;utm_campaign=cap&amp;utm_id=s1" target="_blank" rel="nofollow">ongoing low presale price</a></strong> to get in early!</p> 
    <p><em>Sponsored</em></p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div> 
 </div>
</div> 
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/bitcoin-and-ethereum-eth-on-the-verge-of-breakout-that-will-change-everything-indicator-reveals-when-btc-price-will-peak/" target="_blank">Bitcoin and Ethereum (ETH) on the Verge of Breakout That ‘Will Change Everything’: Indicator Reveals When BTC Price Will Peak</a></em></strong></p> 
<p>Consequently, the analyst suggests that established meme coins on Ethereum, like PEPE, may prove to be more attractive long-term investments compared to their Solana counterparts like WIF and BONK.</p> 
<p>To preserve the integrity of the industry, Koryo calls for a halt to the continuous creation of new meme coins on Solana, urging the community to “pls stop creating new meme coins on Solana.”</p> 
<p>As the meme coin craze shows no signs of abating, the concerns raised by Crypto Koryo underscore the potential risks of unchecked proliferation and the need for a more sustainable and responsible approach to preserving the credibility and longevity of the Solana ecosystem.</p> 
<p><em><strong>Join <a class="thirstylink" rel="nofollow" target="_blank" title="aethir" href="https://captainaltcoin.com/go/aethir/" data-shortcode="true">Aethir’s exclusive airdrop</a> and earn badges by participating in events or holding community tokens. Complete tasks and secure your spot before the snapshot date is revealed!</strong></em></p> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/REBEL-SATOSHI-RECQ-MEME-COIN-qndahijqjwle5mml7gg8my30uqig0eo11vxmtat25a.png" width="500" alt="Check $RECQ Meme Coin" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-nofollow-sponsored-span-check-recq-meme-coin-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> <span>Check $RECQ Meme Coin</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> Buy RECQ Today </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc">
     <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Serves as the base currency for all transactions within the Rebel Satoshi platform
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>ICO stage, offering tokens at a discounted price
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The post <a href="https://captainaltcoin.com/how-wif-bonk-and-other-meme-coin-mania-on-solana-are-destroying-the-sol-ecosystem/">How WIF, BONK, and Other Meme Coin Mania on Solana Are Destroying the SOL Ecosystem</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

How WIF, BONK, and Other Meme Coin Mania on Solana Are Destroying the SOL Ecosystem

Tabla de contenidos

CaptainAltcoin

Otros artículos publicados el 31 may 2024

Jupiter Provides Efficient Liquidity Aggregation on Solana Blockchain

SEC Approves ETH ETF but Launch Date Remains Uncertain

BlockDAG’s 39th Dev Update Unveils Security Boost with Base58 Encoding & BIP32; Miner Sales Reach...

Cryptocurrency Fetch.ai Down More Than 4% Within 24 hours

Qubetics Whitelist: The Crypto Revolution Stealing the Spotlight from Polygon and Aave

eCash Monthly Recap - May 2024

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!