In a recent post on X, Yakovenko said:
“I’ve said this for years. Memecoins and NFTs are digital slop and have no intrinsic value.”
He compared them to loot boxes found in mobile games, randomized digital rewards that have often been criticized for being exploitative.
Source: X (@aeyakovenko)
This statement was made during a public exchange with Base creator Jesse Pollak, who argued that memecoins and NFTs do have fundamental value.
Pollak stated:
“The content itself is valuable. Just like a painting is fundamentally valuable, regardless of whether you charge people at the museum to see it.”
Yakovenko, however, remained firm, arguing that the only real value in Solana memecoins comes from market-driven price discovery, not from the content itself.
Interestingly, despite his harsh critique, Yakovenko acknowledged that Solana’s current success would be impossible without memecoin activity:
“Solana wouldn’t be where it is today without memecoins.”
He compared it to Apple’s revenue model:
“Apple’s revenues would also be negligible if it weren’t for loot boxes in games.”
Loot boxes are randomized virtual rewards in many free-to-play mobile games. Critics have long argued that they exploit players by encouraging repeated, unregulated spending.
Due to concerns over gambling mechanics, loot boxes have faced regulatory scrutiny in regions like Australia and Germany.
The crypto community didn’t take Yakovenko’s remarks lightly. Critics accused him of mocking the very user base that fuels the Solana ecosystem.
Commentator ‘Karbon’ added:
“I’m not a huge fan of how Vitalik handled memecoins […] but I find Toly’s approach much more distasteful, actively promoting them constantly while believing they’re worthless.”
Yakovenko has long maintained that Solana memecoins and NFTs lack real value. Archived posts show he has held this view since at least January 2024, despite the booming activity on Solana-powered platforms.
Data from Syndica, a Solana-focused infrastructure company, reveals that 62% of decentralized app revenue on Solana in June 2025 came from memecoins, a new record high.
Solana’s Memecoin DApp Revenue
Source: Syndica
Solana has earned over $1.6 billion in memecoin-related revenue in the first half of 2025 alone.
A significant portion of this revenue has come from Pump.fun, a Solana-based memecoin launchpad, and PumpSwap, a decentralized exchange aggregator for memecoins.
However, rival launchpad LetBonk has emerged as a serious challenger. In recent weeks, LetBonk has surpassed Pump.fun in 24-hour revenue, indicating growing competition in the Solana memecoin ecosystem.
Anatoly Yakovenko called memecoins and NFTs “digital slop” and likened them to loot boxes in mobile games. He questioned their intrinsic value, stating that their worth is based purely on market speculation.
Despite Yakovenko’s criticism, memecoins are crucial to Solana’s growth. In June 2025 alone, they accounted for 62% of Solana’s decentralized application revenue, totaling over $1.6 billion for the first half of the year.
Pump.fun and LetBonk are the dominant platforms for launching and trading Solana memecoins. LetBonk has recently surpassed Pump.fun in 24-hour revenue metrics.
Loot boxes are randomized virtual items often purchased with real money in mobile games. They’ve drawn criticism for encouraging compulsive spending and have come under regulatory scrutiny in several countries.
The community is deeply divided. Some accuse him of hypocrisy for promoting memecoins while discrediting them. Others agree with his assessment that speculative digital assets lack foundational value.
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