Traders want to make their next million on Solana memecoins. However, crypto proponents believe that this trend is risky and it would be beneficial for the industry if it comes to an end sooner rather than later.
The Solana (SOL) blockchain has become a hub for new memecoins this bull season, with several new memecoins barely a couple of days old racking in billions in market capitalization.
This memecoin frenzy has made many draw comparisons to the Ethereum (ETH) initial coin offering (ICO) era bubble from 2017 when several crypto projects raised millions of dollars, but many failed to deliver.
Memecoins are cryptocurrencies originating from an internet meme or having some other humorous characteristic, but lack any real-world use case other than being a pop culture reference. These cryptocurrencies are highly speculative and supported by some enthusiastic online communities.
