Solana memecoin frenzy raises questions about crypto utility, reputation :

The Solana memecoin frenzy has seen several tokens rise to multimillion-dollar market capitalizations within days.

Over the past month, the Solana blockchain has seen the launch of thousands of new memecoins with billions of dollars in trading volume. Several new memecoins made headlines and rose to new market highs within days, while others grabbed headlines for rugging users and even racism.

Memecoins are digital currencies that derive their name from internet memes and have no practical application outside of being a pop culture reference. These cryptocurrencies are often backed by a strong online community.

Memecoins are not a new concept — during the last bull cycle, memecoins like Dogecoin and Shiba Inu grabbed mainstream attention as their prices soared. #cpi #bitcoinhalving #BullorBear #Memecoins #BinanceLaunchpool

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