Creator of Jupiter asserts that Memecoins are currency generated by users
The creator of Jupiter suggested that memecoins have the potential to attract a large number of new Web3 users and serve as an entry point for grasping the broader cryptocurrency landscape.
Jonathan Oggiono, also known as “Were Meow,” believes that Solana memecoins and similar tokens on various blockchain networks represent a fresh user value proposition model.
“In the age of web2, the focus was on user-generated content. In the age of web3, it’s all about user-generated currency,” Oggiono expressed in a discussion on X on June 10.
The craze for memecoins in 2024
Meme tokens, particularly those on Solana (SOL) and Base, have dominated the market surge this year, alongside institutional adoption such as spot Bitcoin ETFs.
Despite critics questioning the perceived ‘gambling behavior,’ users are actively engaging in the memetic crypto market. Some traders have turned small investments into substantial profits, with a few even making millions from early memecoin ventures.
New contenders like Dogecoin (DOGE) and Shiba Inu (SHIB) have emerged to challenge established market leaders from previous cycles.
According to CoinGecko, recently launched tokens like Dogwifhat (WIF), Brett (BRETT), Book of Meme (BOME), and Dog.Go.To.The.Moon (DOG) quickly climbed into the top 10 memecoins based on market capitalization.
Exploring the world of web3
Oggiono also suggested that meme protocols could serve as a gateway to introduce individuals to the broader web3 ecosystem. The founder of Jupiter believes that memes can provide a foundational understanding of crypto infrastructure, decentralized finance (defi), and even niche sectors like real-world assets.
These ideas align with the sentiments expressed by Solana co-founder Raj Gokal at Consensus 2024. As reported by crypto.news, Gokal emphasized that crypto meme projects could serve as an intuitive way to onboard new users.
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