Amid Dogwifhat, Bonk Hype, Solana Co-Founder Isn't Convinced Doing Good Redeems Bad Meme Coins: 'Find This Logic To Be Nihilistic'

Anatoly Yakovenko, the co-founder of Solana Labs, expressed his skepticism about the idea of meme coins contributing to public good. His comments come amid the meteoric rise of Solana (CRYPTO: SOL) based meme coins like Dogwifhat (CRYPTO: WIF) and Bonk (BONK).

What Happened: Yakovenko took to social media platform X formerly known as Twitter to share his thoughts on meme coins and their potential to contribute to the public good. He stated, “Memecoin are bad, but if they donate to a public good then they have paid a penance for the bad thing. I find this logic to be nihilistic.”

He continued, “I'd rather see people that hodl a memecoin change their behavior and go do something good, like walk dogs at a dog shelter and encourage other hodlers to do the same. Personal behavior change towards something good is much more important than financialization of good.”

See Also: Dogecoin Set to Surge Over 200%, Says Crypto Analyst: ‘It’s Going To Do Something Insane This Cycle’

Yakovenko’s comments come at a time when meme coins are gaining significant traction in the cryptocurrency market. Coins like Dogwifhat, Bonk, and Floki have been dominating the top gainers list in recent weeks, sparking a debate about their legitimacy and potential impact.

Why It Matters: Solana (CRYPTO: SOL), a blockchain platform, has been making waves in the cryptocurrency space. In February, the company’s co-founder Yakovenko highlighted the potential of blockchain in e-commerce, citing the success of their mobile phone sales.

Meanwhile, meme coins have been a hot topic in the crypto world. In March, Dogwifhat, in particular, caught the attention of investors as it gained ground on Dogecoin (CRYPTO: DOGE) and Shiba Inu (SHIB). The surge in meme coin activity has also led to a significant increase in short liquidations for Dogwifhat.

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