Andrey Veliky Discusses ‘Gambling Mania’ in the Bitcoin Market
The industry is experiencing a phase of ‘gambling mania’, where meme coins and gamified models have become the new reality, pushing aside the old ideals of decentralization, privacy, and censorship resistance. This was discussed by Andrey Veliky, co-founder of Allbridge.io, on the ‘Podcast Society’ YouTube channel by ForkLog.
The expert emphasized that the crypto market has lost its clear ideological foundation. While in the early days, Bitcoin and Ethereum offered an alternative to traditional finance and IPOs, today ‘funny coins’ and speculative models dominate.
“Retail realized it became exit liquidity for venture funds, and responded with meme coins — this is crypto gambling without intermediaries. But even here, ‘fair play’ did not emerge: early investors exit at the expense of late ones,” he explained.
As for Ethereum, it has found itself at an impasse due to internal conflicts and dispersion into L2 solutions. The community has ceased to understand its value, the expert suggested.
“Solana broadcasts a simple message: ‘We are a platform for meme coins.’ This is clear to the hamsters: more memes — higher price. Ethereum, however, cannot clearly explain its purpose when everyone has moved to L2,” he noted.
Veliky described the phenomenon of meme coins as a natural stage in the market’s evolution, where the psychology of excitement prevails.
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