As enthusiasm for meme coins deepens, more established crypto players are starting to tackle the proliferation of fly-by-night tokens head-on.
Popular anonymous cryptocurrency blogger Polynya published a blog post denouncing the “broken moral compass” of cryptocurrencies.
“At this point, this evil in cryptocurrencies is commonplace and normalized. This has become the identity of cryptocurrencies – some are certainly convenient, but most are rife with fraud and utter decadence. ” they wrote, expressing particular disdain for the racist and sexist meme coins that have sprung up in recent weeks.
Ethereum co-founder Vitalik Buterin weighed in on the issue, acknowledging the unpleasant aspects of memecoin culture, but emphasizing “people's desire to have fun” and saying memecoins are for good. I think this could be the way to go.
As examples, he points to coins that focus on philanthropy and “Robin Hood games” like Axie Infinity that provide financial benefits to low-income players.
read more: Cheat Sheet: Vitalik Buterin says there's nothing 'new or interesting' about meme coins
Li Jin, general partner of Variant Fund, highlighted the business case for meme coins and said viral tokens are an effective go-to-market strategy for founders.
“Traditionally, GTM consisted of first building a product and then building a community around it through marketing and memes, but this new strategy involves a vibrant and “This includes identifying a community of users who have accessed the token, and then building a product that incorporates that token,” Jin wrote. One example is his Telegram trading tool BONKbot, which BONK incubated.
read more: BONKbot volume increases as meme coin DeFi usage increases
At the BUIDL conference in Seoul this week, a panel of crypto community leaders weighed in on whether Solana, the blockchain where many meme coins are traded, should try to weed out racist meme coins. were discussed, CoinDesk reported.
“BlobScriptions” Ethereum’s new BLOB stress test
The base price of blobs, packets of data introduced by Ethereum's recent Dencun upgrade, skyrocketed this week as platform Ethscriptions released a platform for creating inscriptions on top of Ethereum blobs.
The so-called BlobScription is similar to Bitcoin Ordinal in that it creates a low-cost way for users to write arbitrary data to the blockchain.Users created a slew of potential meme coins and blob-style NFTs, causing the base price of the blob to jump by trillions of percent.
read more: Blob basic fee skyrockets due to 'BlobScriptions' trend, Ethereum misses slots
BlobScriptions will be removed from Ethereum after about 18 days, but users were undaunted.
As of Friday afternoon, the cost of including blobs in the next Ethereum block had not yet come down. According to Ultrasound.money, blob's average commission at the time of writing was his 13.4 Gwei, which is equivalent to about $0.45. According to Etherscan, the Ethereum Tier 1 gas price was 31 Gwei around the same time.
Until BlobScriptions became popular, the blob space used by Layer 2 to send transaction records to Ethereum was effectively free.
There is one interesting statistic.
- According to CoinGecko, Dogwifhat has overtaken Pepe to become the third largest meme coin with a market capitalization of over $4.1 billion.
Also note the following:
- The Bored Ape, which was said to have belonged to comedian Kevin Hart, was sold for around 13.8 Ether, far less than the 79.5 Ether it was said to have been purchased for in 2022. According to a lawsuit from the same year, Yuga Labs is believed to have gifted Hart and other celebrities “Bored Apes” as part of an undisclosed promotional effort.
- Degen, a popular memecoin community on Farcaster, built a layer 3 chain using Arbitrum and Base.
- A Web3 game built on Blast called Munchables suffered a $62.5 million exploit, but the developer behind the hack appears to have shared a private key to recover the assets.
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