Solana Co-Founder Advocates for Meme Coins, Countering Criticism from Ethereum's Vitalik Buterin

Solana Co-Founder Advocates for Meme Coins, Countering Criticism from Ethereum's Vitalik Buterin
Photo by Pawel Czerwinski / Unsplash

In a striking defense of meme coins, Solana co-founder Raj Gokal has publicly disagreed with Ethereum co-founder Vitalik Buterin's recent critical remarks about these projects. Gokal articulated his support for meme coin projects, suggesting that they play a crucial role in attracting both developers and users to blockchain technologies.

Vitalik Buterin had earlier expressed concerns that meme coins could potentially deter serious developers from engaging with blockchain projects due to their seemingly frivolous nature. Contradicting Buterin's views, Gokal argued on X (formerly known as Twitter) that blockchain should not shy away from those who use it for entertainment. He reminded his audience about the origins of blockchain development, which were anything but conventional.

“May I remind you about the ‘serious developer’ who started all this? If you are too timid and fear those who use public blockchains for fun, you probably don't belong here,” Gokal wrote. His post was accompanied by a photograph of Buterin dressed in vibrant attire with a cat-shaped bag, hinting at the lighter beginnings of Ethereum when smart contracts first allowed users to create tokens independently.

This defense comes at a time when meme coins have significantly boosted user engagement on the Solana network. The increased activity has led to a surge in the value of Solana's token (SOL), which has risen by more than 300% in the last six months, trading around $134.6 according to TradingView.

Gokal's stance is supported by other industry figures, such as Arthur Hayes, investor and co-founder of cryptocurrency exchange BitMEX. Hayes has urged the community not to dismiss meme coins as "silly and useless." According to him, these tokens not only draw new developers and users but also highlight the potential of networks like Ethereum and Solana as ideal platforms for launching new tokens.

In related news, recent airdrops from two meme coin projects—Maneki and Cat in a Dogs World—have even covered the cost of pre-orders for the Chapter 2 smartphone by Solana, demonstrating the financial impact and promotional capabilities of meme coins within the industry.