CryptoQuant CEO Criticizes Meme Coin Surge

Ki Young Ju, founder and CEO of CryptoQuant, has voiced concerns over the surge in the meme token sector.

Meme coins harm the crypto industry.

It’s frustrating to see billion-dollar-cap memecoins overshadow hardworking teams building legit products to advance this industry.

Easy money can’t drive industry-wide progress, as shown by the 2018 ICO burst. https://t.co/YWkRA39v9Z

— Ki Young Ju (@ki_young_ju) March 18, 2024

According to the expert, such projects simply harm the crypto industry.

“It’s frustrating to see billion-dollar-cap meme coins overshadow hardworking teams creating real products to advance the industry,” he stated.

Ju compared the situation to the ICO boom in 2018, which resulted in most investors losing their funds.

“Some say meme coins are a global lottery system that attracts new users to the industry. Would you risk losing money to enter the space? Moreover, considering the ‘shitcoins’ from the 2018 ICO era, which were essentially casinos, did they bring any public value?” the CryptoQuant founder questioned.

As an illustration, Ju used the story of the SLERF coin. Within hours of its launch, the asset was listed on several exchanges and reached a trading volume of $1.7 billion, despite developers losing users’ funds.

Earlier, experts at Franklin Templeton concluded that meme tokens lack “native” value and are highly unstable.