A Messari data engineer has called it the “most extractive crypto phenomenon” since the ICO boom, but the jury's still out on that one.
Memecoin skeptics have become slightly louder this week amid a fall in Solana-based memecoin trading volumes and recent data showing that most pump.fun traders are losing money.
In an Aug. 19 newsletter, Messari data engineer Mike Kremer became the latest to add his voice to a long-running debate, calling memecoins the “most extractive crypto phenomenon” since the ICO boom of 2017.
He argued that while speculative bubbles and assets have always been a part of the crypto ecosystem, the retail rush toward crypto’s latest fad had always “left behind some residual value.”
