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Ethereum Co-Founder Vitalik Buterin has reacted to the parabolic surge of memecoins as it concerns infrastructural development
Ethereum co-founder Vitalik Buterin has waded into memecoin's growth surge
Discounting claims of no infrastructure backup, Vitalik noted the situations are unique
He named some crypto infrastructures that have received less love compared to memecoins
In response to an X post from Roko Mijic slamming the adoption of memecoins that sparked a massive rally this weekend, Ethereum co-founder Vitalik Buterin has waded in with an attempt to set the record straight regarding the nascent asset class adoption.
The Vitalik Buterin Disposition on Memecoins
The ongoing memecoin rally in the digital asset space pushed the combined market cap of the assets up 30% north of $41 billion earlier today. Popular Shiba Inu (SHIB) surged by a wholesome 52% earlier today, leading the memecoin rally. The price surge took the price of SHIB to $0.00002 and till the time of this writing, the token is yet to bow to bearish correction.
Canine-themed memecoin Dogecoin (DOGE) equally registered up to 30% increase earlier in the week. Market analysts believe that DOGE may be gearing up for a mega bull run in the long run. Its average daily trading volume has also gone up significantly, surpassing $4.77 billion. Overall, the rally has touched almost all memcoins and there are still speculations that the positive momentum will last for a while.
One X user tried to establish the fact that these memecoins are currently experiencing a rally due to a lack of use cases resulting from a decline in crypto infrastructure. However, Vitalik Buterin reacted to the post, trying to explain that this is not the outlook in all cases.
“I feel like 2 years ago I completely agreed, and my high-level argument was something like “infrastructure is public goods, the incentive to fund public goods is N times smaller than optimal (that’s basic econ 101), so it’s practically impossible for there to be too much
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