An interesting dialogue took place in the crypto space today, involving prominent expert Chris Burniske and Solana (SOL) cofounder Anatoly Yakovenko. The subject of the discussion was, of course, meme coins, which have captured the attention of crypto market participants this cycle, and in particular have had a major impact on Solana’s recognition and adoption.
Thus, as Burniske stated, the tendency of meme coins to trigger is all one needs to observe to know that they will be bigger than expected in the expansion ahead. Moreover, the expert explains that the cultural relevance that some NFT collections achieved three years ago will be surpassed by some meme coins.
This can already be seen in the perceptions that some of these tokens are experiencing because they are dubbed “culture coins” and not “meme.” “I am not here to back a horse, but the trend is clear,” Burniske concludes.
Meme energy circulation
The opinion provoked an interesting response from Anatoly Yakovenko, whose opinion was unexpected and thought-provoking. Thus, Yakovenko said THAT, in his opinion, previous cycles on the crypto market were also 90% meme and only 10% product.
His theory, according to the entrepreneur, is that today’s meme coins have completely absorbed the energy that drove other cycles, such as DeFi summer in 2021. Now every product has to make it purely on value, and if that is the case, it is a good thing for the industry, argues Yakovenko.
I think previous cycles were also 90% meme 10% product. My theory is that memecoins today have completely absorbed the meme energy that drove other cycles, like DeFi summer. Now each product has to make it purely on value. If that’s the case, it’s a good thing for the industry.
— toly 🇺🇸 (@aeyakovenko) October 6, 2024
Despite meme coins being the talk of the crypto town, the total market capitalization of the sector is just over $50 billion, according to CoinMarketCap. That is despite the fact that the total capitalization of the entire crypto market is over $2.21 trillion.
Yes, most of that is Bitcoin, but even without it, the meme coin sector is only 5.37%. Maybe what we are seeing now is just the beginning.
