Jupiter’s founder said memecoins could be a gateway for attracting new Web3 users en masse and an on-ramp for understanding the larger cryptocurrency stack.
According to Jonathan Oggiono, commonly known as “Were Meow,” Solana memecoins and similar tokens on other blockchain networks herald a new user value proposition paradigm.
“In the web2 era, it was all about user-generated content. In the web3 era, it’s all about user-generated money,” said Oggiono via a June 10 thread on X.
Memecoins are user generated money
— meow 喵 (@weremeow) June 10, 2024
Memecoin mania 2024
Meme tokens, especially on Solana (SOL) and Base, have all but claimed the spotlight in this year’s market uptrend alongside institutional adoption like spot Bitcoin ETFs.
While skeptics scrutinize the so-called ‘casino behavior,’ users speculate on the memetic crypto market. Some traders have turned a few bucks into hundreds of thousands of dollars; others have even made millions from early-stage memecoin investments.
In less than 4 months, this #MEMEcoin trader turned $6,758 into $4.2M, a gain of 619x!He spent 2.13 $ETH($6,758) to buy 20.95B $Kendu from Feb 24 to Mar 1 and has held it until now, currently worth $4.2M!https://t.co/9gtcNpZ54v pic.twitter.com/OvrifB7TOq
— Lookonchain (@lookonchain) June 10, 2024
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New projects such as Dogecoin (DOGE) and Shiba Inu (SHIB) have also challenged market leaders from previous cycles.
Per CoinGecko, new tokens like Dogwifhat (WIF), Brett (BRETT), Book of Meme (BOME), and Dog.Go.To.The.Moon (DOG) broke into the top 10 memecoins per market cap within weeks to months of launching.
Diving into web3
Oggiono also opined meme protocols are positioned to offer first contact with the broader web3 ecosystem. Jupiter’s founder believes memes can open a deeper understanding of crypto infrastructure, decentralized finance (defi), and even more niche sectors like real-world assets.
The remarks echo sentiments shared by Solana co-founder Raj Gokal at Consensus 2024. As crypto.news reported, Gokal stated that crypto meme projects could “intuitively onboard users.”
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