Anatoly Yakovenko Criticizes Memecoins Despite Solana’s Revenue Boom
In a bold statement that triggered wide debate across the crypto space, Solana co-founder Anatoly Yakovenko referred to memecoins and NFTs as “digital slop”. The remarks were made in a recent X post during a public exchange with Base creator Jesse Pollak, where the two discussed whether such assets have intrinsic value.
Yakovenko compared memecoins to loot boxes in mobile games, claiming that their worth is driven solely by market speculation rather than any inherent substance. He emphasized that “memecoins and NFTs have no intrinsic value”, igniting criticism from crypto developers and community members.
Memecoins Power Majority of Solana’s Network Revenue
Ironically, despite Yakovenko’s dismissive stance, memecoins have become the financial backbone of the Solana ecosystem. According to Syndica, a Solana infrastructure firm, memecoins accounted for 62% of Solana’s decentralized application (dApp) revenue in June 2025 — the highest monthly percentage to date.
“Solana’s $1.6 billion in revenue for H1 2025 is largely fueled by memecoin activity,” highlighting a significant gap between Yakovenko’s opinion and the platform’s real-world performance.
Key platforms such as Pump.fun and PumpSwap have emerged as primary drivers of memecoin trading volume, while LetBonk is rising as a formidable competitor in the space.
Crypto Community Pushes Back on Yakovenko’s View
Several figures within the crypto world voiced disagreement, accusing the Solana Labs CEO of being out of touch with his user base. Some also noted that Yakovenko has actively promoted memecoin activity, despite personally discrediting their value.
“Actively promoting something you claim is worthless is not leadership — it’s opportunism,” noted one crypto analyst.
Memecoins and NFTs Still Fueling Network Growth
While Yakovenko insists the value is artificial, the user demand and financial utility of these digital assets continue to grow. As Solana remains heavily reliant on this sector, the debate over value versus speculation is likely to intensify in the coming months.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.