Solana Labs Co-Founder Anatoly Yakovenko has seemingly taken a stand in opposition to Solana-based memecoins, calling for traders to “cease doing this” in relation to knowledge displaying the excessive quantity of SOL being despatched to memecoin pre-sale contracts.
On-chain sleuth ZachXBT shared the picture beneath detailing an inventory of social media accounts that had just lately raised vital funding for memecoins on Solana. High of the record 0xDekadente raised 169,982 SOL, roughly $30.5 million, whereas the bottom worth challenge, NftRamo, raised roughly $165,060.
Anatoly quoted the above picture and the phrase “cease doing this” with no different remark. Memecoin fervor just lately helped drive SOL costs over $200 for the primary time for the reason that final bull market and mark a brand new all-time excessive market cap.
As of press time, 0xDekedente is making an attempt to airdrop tokens to pre-sale traders however is struggling as a consequence of community congestion. Because of this, the account advised launching the token earlier than airdropping tokens to traders.
“The smolana community is extraordinarily congested and it’s inconceivable to airdrop similtaneously the LP on this second… we strive, however it’s inconceivable
So, you select: Launch now and obtain the $smole airdrop within the subsequent few hours…
Launch the airdrop and the LP on the identical time, this may take just a few hours for the community to decongest… We don’t understand how a lot precisely it should take as a result of congestion, however we’ll do it ASAP no matter your determination.”
Presently, the net vote suggests the token will launch earlier than the airdrop occurs, which means traders who contributed to the pre-sale is not going to have tokens obtainable to promote when the token launches.
As of press time, SOL is down 15% from its native excessive to commerce round $179. Memecoins, seen by some as exit liquidity playing and essential neighborhood innovation by others, doubtlessly drive curiosity in Solana for the incorrect causes.
The memecoin demand is no less than performing as a stress take a look at for the community, showcasing the stress factors for community congestion on excessive demand. Memecoins are struggling to launch liquidity swimming pools and airdrop tokens, whereas tokens and dApps with precise utility have little to no publicity.
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