According to Blockworks, as the popularity of memecoins continues to grow, established figures in the crypto industry are addressing the issue. Anonymous crypto blogger Polynya criticized the crypto community's 'broken moral compass,' expressing disdain for racist and sexist memecoins. Ethereum co-founder Vitalik Buterin acknowledged the negative aspects of memecoin culture but also highlighted the potential for good, citing charity-focused coins and 'Robin Hood games' like Axie Infinity as examples.
Variant Fund general partner Li Jin argued that viral tokens can be an effective go-to-market strategy for founders, as they can build a product around a vibrant community of memecoin users. At the BUIDL conference in Seoul, a panel of crypto community leaders debated whether Solana, a blockchain where many memecoins are traded, should filter out racist memecoins.
Meanwhile, Ethereum's recent Dencun upgrade introduced blobs, packets of data that have seen a surge in base fees due to the release of a platform called Ethscriptions. Users created numerous memecoins and blob-style NFTs, causing the base fee for blobs to jump by trillions of percent. Despite being scrubbed from Ethereum after roughly 18 days, the cost of including a blob in the next Ethereum block has not decreased, with the average blob fee at 13.4 gwei, or approximately $0.45.