Solana co-founder Anatoly Yakovenko has dismissed meme coins and NFTs as “digital slop” with no intrinsic value, comparing them to mobile game loot boxes, despite his blockchain hosting the most active meme coin ecosystem, which generates billions in trading volume.
Yakovenko made the comments during a Twitter exchange with Base’s Jesse Pollak, questioning whether Zora coins provide any claims on future cash flows from creators.
When challenged about Solana’s meme coin activity, he acknowledged the platform hosts similar speculative trading.
The criticism comes as Solana’s meme coin market reached $15.5 billion in July 2025, with platforms like LetsBonk capturing 70% market share and generating $1.72 million daily fees.
BONK led last week’s weekly gains at 50.4% while Pudgy Penguins climbed 43.2% during the sector’s strongest rally since April.
Solana launched over 1.1 million new tokens in 2024, with platforms like Pump.fun democratizing token creation despite nearly half a million launches occurring in a single month.
Major meme coins on the network include BONK ($2.7B market cap), DOGWIFHAT ($1.1B), and Fartcoin ($1.3B).
The co-founder’s stance creates tension with Solana’s positioning as the preferred blockchain for meme coin trading due to low fees and high throughput.
The network has processed over $431 billion in transactions since its launch, with a significant portion attributed to speculative token trading.
NFT activity on Solana has also surged, with the broader market experiencing 94% growth to $6.6 billion in July 2025.
Major Solana NFT collections include Solana Monkey Business, DeGods, and Okay Bears, which are traded primarily on the Magic Eden marketplace.
LetsBonk has overtaken Pump.fun as the dominant Solana launchpad, launching a recorded 25,150 tokens in 24 hours and establishing itself as the 7th-largest revenue-generating protocol in crypto.
BONK’s market capitalization reached $2.85 billion, with a recorded 24-hour trading volume of $1.49 billion.
In fact, Grayscale added BONK to its Q3 “Assets Under Consideration” list, triggering a 12% price rally and institutional validation.
Pump.fun has processed hundreds of thousands of token launches, including political memes like “Jeo Boden” and “Doland Tremp.”
The platform’s PUMP token raised $500 million in July but crashed by 75% within 24 hours.
Solana’s technical infrastructure supports the meme coin boom through multiple technical features, including Token Extensions, which enable confidential transfers, flexible transfer fees, and enhanced compliance features.
Over 2,500 active developers work on the network, with half having 3+ years of experience.
The total value locked in Solana DeFi has exceeded $10 billion, while the network hosts over 1,000 projects spanning DeFi, NFTs, gaming, and infrastructure.
Major utility tokens include Serum, Raydium, and Orca, providing governance and exchange functions.
The meme coin surge has driven altcoin season indicators to a 50 percent year-high.
Solana’s NFT ecosystem expanded rapidly due to its low fees and tools, such as the Candy Machine, which facilitated seamless launches.
Blue-chip projects include DeGods, Solana Monkey Business, and SolPunks, the first on-chain generative collection.
Magic Eden commands approximately 90% of Solana NFT trading volume, facilitating billions in secondary market transactions.
The broader NFT market experienced a dramatic resurgence in July, with trading volumes spiking 51% to $136 million per week.
CryptoPunks floor prices increased 53% while Pudgy Penguins surpassed Bored Ape Yacht Club by market capitalization.
Art Blocks returned to prominence with average sale prices jumping 156% after platform improvements.
Profile picture NFTs dominated the market, accounting for 37% of the total volume, followed by Real-World Assets at 11%.
Telegram NFTs gained momentum with Snoop Dogg’s collection selling out in 30 minutes for $12 million.
Bored Ape Yacht Club announced Telegram sticker packs, while other major collections expressed similar interest.
