Solana’s Co-founder makes strong case for meme coins; spotlights memecoin migration from ETH to Solana

In a recent development, the co-founder of Solana, one of the most popular proof-of-stake networks, has shown support for meme coin-based cryptos.

Raj Gokal, one of the masterminds behind Solana, has taken to X, formerly Twitter, to support meme coins despite criticism from prominent cryptocurrency enthusiast personalities.

In response to the CTO of venture capitalist firm a16z, who has remained very critical of memecoins, Gokal insists that meme-inspired tokens are not a threat to the broader crypto market. He further implies that memecoins appeal to a younger audience, which is essential for the advancement of the industry.

“meme coins are scaring away serious builders”

may I remind you about the “serious builder” who set all of this work in motion?

if you’re fragile enough to get spooked by how young people choose to use permissionless systems to have fun, you will quite simply not make it here. pic.twitter.com/Pf8UyZDpi2

— raj (@rajgokal) April 27, 2024

Gokal’s statement comes not long after a16z’s Eddy Lazzarin expressed his concerns over the role of memecoins in the industry this time. He maintains that memecoins have no technical allure and explains why said tokens are not appealing to builders in the space. 

“Besides undermining the long-term vision of crypto that has kept so many of us in the space, memecoins aren’t very technically interesting. It shouldn’t be a surprise that they’re not attractive to builders.” Lazzarin wrote.

Lazzarin amplifies perceived downsides of memecoins

Another prominent crypto figure took a more critical approach, refuting Lazzarin’s claims, insisting that the mass adoption of meme coins across chains like Base, Blast, and Solana amplified their collective appeal.

It bears mentioning that Lazzarin’s perspective on meme coins mirrors that of a broader audience in the cryptocurrency community. Memecoins have received widespread acceptance and criticism from the entire digital finance industry.

While Elon Musk has championed the leading meme coin, Dogecoin, other key players reject the presence of meme coins, citing their volatility as a major downside.

Amplifying the sentiments of critics, Lazarrin is quoted saying, 

“Memecoins alter how the public, regulators, and entrepreneurs see crypto. At best, it looks like a risky casino. Or a series of false promises masking a casino. This deeply affects adoption, regulation/laws, and builder behavior. I see the damage every day. You should too.”

On a fundamental level, meme coins are progressively attempting to scale their internal community. Notably, Shiba Inu (SHIB), the decentralized cryptocurrency based on the Ethereum blockchain, is making attempts to address Ethereum’s low transaction speed through the introduction of Shibarium.