Solana Labs co-founder Anatoly Yakovenko has apparently taken a stand against Solana-based memecoins, call to investors to “stop doing this” in relation to data showing the high volume of SOL sent to memecoin presale contracts.
On-chain sleuth ZachXBT shared the image below detailing a list of social media accounts that had recently raised significant funds for memecoins on Solana. At the top of the list, 0xDekadente raised 169,982 SOL, or around $30.5 million, while the lowest value project, NftRamo, raised around $165,060.
Anatoly cited the above image and the phrase “stop doing that” without further comment. Memecoin The fervor recently helped push SOL prices above $200 for the first time since the last bull market and mark a new record market cap.
At press time, 0xDekedente is to attempt to airdrop tokens to presale investors, but is having difficulty due to network congestion. As a result, the account suggested launching the token before airdropping it to investors.
“The smolana network is extremely congested and it's impossible to drop at the same time as the LP right now… we're trying, but it's impossible
So, the choice is yours: Get started now and receive the $smole airdrop in the next few hours…
Run the airdrop and LP at the same time, it will take a few hours for the network to decongest… We don't know how much it will take exactly due to congestion, but we will do it as soon as possible regardless of your decision.
Currently, online voting suggests that the token will launch before the airdrop, meaning that investors who contributed to the presale will not have tokens available to sell when the token launches.
At press time, SOL was down 15% from its local high to trade around $179. Memecoins, seen as an exit liquidity play by some and an important community innovation by others, are potentially sparking interest in Solana for the wrong reasons.
Memecoin demand at least acts as a stress test for the network, highlighting pressure points for network congestion during high demand. Memecoins struggle to launch liquidity pools and airdrop tokens, while actually useful tokens and dApps have little to no exposure.
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