Solana

Pepe

<p class="is-style-lead">Solana co-founder Anatoly Yakovenko suggested that memecoins creators allocate developer grants to improve meme projects.&nbsp;</p> 
<p>Memecoins continue to exist as a contentious cryptocurrency sector where millionaires are made overnight, and investors sometimes suffer massive losses in minutes in scams commonly known as “rug pulls” or “getting rekt”.</p> 
<p>As proponents debate memetic crypto tokens and their role in the future of finance, Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) has solidified itself as the go-to meme network by offering cheap transaction fees and easy-to-ship coin solutions like <a href="https://crypto.news/?s=pump.fun" target="_blank" rel="noreferrer noopener">pump.fun</a>.</p> 
<p>Solana co-founder Anatoly Yakovenko <a href="https://x.com/aeyakovenko/status/1810289097849651667" target="_blank" rel="">proposed</a> further advancing this vertical by enlisting developers to create customer features. “Memecoins should grant dev teams to build stuff for them. Effectively reverse the ICO process,” Yakovenko wrote on Monday.</p> 
<p> You might also like: <a href="https://crypto.news/solana-price-is-showing-bottoming-signs-sol-has-35-upside-potential/"> Solana price is showing bottoming signs, SOL has 35% upside potential </a> </p> 
<p>The X reply was part of a discourse around how meme projects could establish a steady onboarding corridor for retail users and incentivize institutional investors to adopt cryptocurrencies.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Retail needs to make money on something to bring more retail and instos and its not looking like a 10b+ infra thingies will do that</p>— chainyoda (@chainyoda) <a href="https://twitter.com/chainyoda/status/1810260839082955173?ref_src=twsrc%5Etfw" target="_blank" rel="">July 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Per Yakovenko’s pitch, meme teams would field grant offers, and developers would accept the best options from projects with “fair and transparent terms.”&nbsp;Fantom contributor and veteran blockchain builder Andre Cronje discussed a similar idea to better meme tokens and foster safer speculation, as crypto.news <a href="https://crypto.news/meme-coin-andre-cronje-fantom/" target="_blank" rel="noreferrer noopener">reported</a> in April.&nbsp;</p> 
<h2 class="wp-block-heading" id="memecoins-tumble-with-crypto-market">Memecoins tumble with crypto market</h2> 
<p>Meanwhile, the memecoin sector joined a broad crypto market decline on Monday and lost over 8% of its market cap, data from CoinGecko showed.&nbsp;</p> 
<p>Bearish price actions have gripped digital assets for weeks, and meme tokens have succumbed to the volatility closely associated with cryptocurrencies. Top meme tokens like Brett (BRETT), Dogwifhat (WIF), and Pepe (PEPE) have seen double-digit declines within the past week alone.&nbsp;</p> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14283673"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Screenshot-542-1024x868.png.webp"> 
  <img loading="lazy" decoding="async" width="1024" height="868" src="https://crypto.news/app/uploads/2024/07/Screenshot-542-1024x868.png" alt="Solana co-founder proposes memecoin dev grants - 24"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Top meme tokens by market cap | Source: <a href="https://www.coingecko.com/en/categories/meme-token" target="_blank" rel="">CoinGecko</a>
 </figcaption>
</figure> 
<p> Read more: <a href="https://crypto.news/altcoins-brett-pepe-wif-and-jup-plummet-10-as-bitcoin-drops-4/"> Altcoins BRETT, PEPE, WIF, and JUP plummet 10% as Bitcoin drops 4% </a> </p>

Solana co-founder proposes memecoin dev grants

Table of Contents

crypto.news

Other articles published on Jul 8, 2024

Chainlink Whales Acquire $76 Million in LINK - What's Happening?

Analysts Foresee Major Crypto Shift

TRON Announces Gas-Free Stablecoin Transfers

El Salvador’s Revolutionary Bitcoin Bank Proposal

Democrat roundtable to host Mark Cuban and Brad Garlinghouse to discuss crypto regulations

Smart Contracts and Their Applications: Transforming Blockchain Transactions

Join our free newsletter for daily crypto updates!