Memecoins under fire: Fred Krueger questions their “value to Solana”
Memecoins had a wild run in Q1, topping as the best-performing narrative in the market. The meme frenzy was initially concentrated on Solana.
Other chains like Arbitrum and Avalanche wanted a piece of the meme action to drive network growth.
But, Bitcoin maximalist Fred Krueger has dismissed claims that memecoins add value to chains like Solana [SOL].
Additionally, Krueger criticized influencers like Scott Melker of Wolf of All Streets for promoting the narrative. He said,
“Raoul Pal and Scott Melker, two grown men, discuss how “Meme coins give value to chains like Solana,” and they represent “a fundamental revolution” from people who “are tired of playing the old game.”
Memecoins’ love-hate relationship
With their explosive surge and stellar performance, memecoins have attracted different reactions.
For example, Vitalik Buterin called for more “good meme coins” rather than those that enrich creators and a few players.
Similarly, BitMEX founder Arthur Hayes cautioned people not to “poo poo on meme coins” and emphasized that chains that support meme culture get more value.
Scott Melker echoed a similar sentiment as Hayes. However, Krueger’s criticism forced him to clarify his stand on memecoins;
“Side note – I hate memecoins and have been vocally against them.”
However, he added that his stand shouldn’t block him from analyzing the narrative;
“But that doesn’t mean that it’s a sin to speak about them and discuss the TVL they bring to a chain. I was speaking negatively of whales using them to pump numbers, but hey, cool narrative!”
Despite the memes’ love-hate relationship amongst crypto influencers, the segment still has the potential to dominate Q2.
For instance, one of the hottest memecoins, Dogwifhat [WIF], was already up 13% despite mounting bearish bets. So, the narrative could still strengthen in Q2.
