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Anatoly Yakovenko, the co-founder of Solana, has ignited significant controversy within the cryptocurrency realm after labeling NFTs and meme coins as “digital refuse with no inherent value.”
In a message on X, Yakovenko likened the booming NFT and memecoin markets to loot boxes in mobile games, suggesting that consumer expenditure does not correspond to genuine worth.
This statement was particularly contentious since Solana has emerged as one of the foremost platforms for NFT transactions and meme coin launches. The blockchain handled over $431 billion in transactions and features a meme coin market surpassing $15 billion as of July 2025.
At the time of this writing, Solana’s price is at $186 as the cryptocurrency experiences a slight retracement on shorter timeframes. Nevertheless, the upward trend appears ready to persist while Bitcoin dominance wanes, permitting altcoins to potentially gain further profits.
Solana's price trends upward despite a slight retracement on the daily chart. Source: SOLUSD on Tradingview
Solana’s Ecosystem Flourishes, Ironically Through What Yakovenko Critiques
Crypto influencers quickly responded. Adam Hollander, CMO at OpenSea, termed Yakovenko’s viewpoint “disheartening and completely incorrect,” highlighting the significance of digital ownership.
Others defended NFTs as essential components of the multi-trillion-dollar entertainment sector, referencing emotional and cultural significance even when utility is absent.
In spite of the rebuttals, Yakovenko remained firm, emphasizing that his primary worry is market integrity: “What matters to me is that those who obscure or mislead regarding market conditions or market structure are eliminated from existence.”
The irony of Yakovenko’s comments resides in Solana’s success, largely driven by the very markets he criticized. Meme coins like BONK, DOGWIFHAT, and Fartcoin combine for billions in market capitalization. BONK alone experienced a 50.4% weekly increase and was recently included in Grayscale’s Q3 watchlist.
Solana’s NFT Market Ascending
The NFT sector on Solana has also surged, with trading volume rising 94% to $6.6 billion in July. Collections such as DeGods and Solana Monkey Business continue to lead, primarily traded via Magic Eden, which commands a 90% share of Solana’s NFT market.
While Yakovenko’s forthright criticism seeks to spark a discussion regarding transparency and long-term value, it has undoubtedly conflicted with Solana’s existing identity, which is based on speed, affordability, and yes, meme coin hysteria.
Cover image from ChatGPT, SOLUSD chart from Tradingview
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