Solana Co-Founder Roasts NFTs & Meme Coins—But Can the Network Survive Its Own Success?

Solana's scaling prowess dominates Layer 1—while its co-founder openly trashes the very assets fueling its growth. Talk about biting the hand that feeds.

Anatoly Yakovenko's recent rant against 'degenerate' NFTs and meme coins sparks backlash. Meanwhile, SOL traders shrug and keep stacking gains. Classic crypto cognitive dissonance.

The irony? Solana's NFT volume just hit $2B monthly despite Yakovenko's disdain. Meme coin degens still clog its blockspace. Maybe founders shouldn't complain about golden geese—even if they're dressed as cartoon frogs.

One hedge fund manager quipped: 'This is like Jamie Dimon hating Bitcoin while JPMorgan builds blockchain tools. Hypocrisy moves markets faster than ethics.'

Solana’s Ecosystem Thrives, Ironically Through What Yakovenko Criticizes

Crypto influencers were quick to react. Adam Hollander, CMO at OpenSea, called Yakovenko’s take “disappointing and flat-out wrong,” emphasizing the value of digital ownership.

Others defended NFTs as part of the multi-trillion-dollar entertainment industry, citing emotional and cultural relevance even in the absence of utility.

Despite the pushback, Yakovenko doubled down, stressing that his main concern is market integrity: “What’s important to me is that the shitheads that obfuscate or mislead about market conditions or market structure are nuked from orbit.”

The irony of Yakovenko’s statement lies in Solana’s success, which is largely fueled by the very sectors he criticized. Meme coins like BONK, DOGWIFHAT, and Fartcoin collectively account for billions in market capitalization. BONK alone saw a 50.4% weekly gain and was recently added to Grayscale’s Q3 watchlist.

The NFT space on Solana has also surged, with trading volume jumping 94% to $6.6 billion in July. Collections like DeGods and Solana Monkey Business continue to dominate, mostly traded via Magic Eden, which holds a 90% share of Solana’s NFT market.

While Yakovenko’s blunt critique aims to provoke a conversation around transparency and long-term value, it has clearly clashed with Solana’s current identity, one built on speed, affordability, and yes, meme coin mania.

Cover image from ChatGPT, SOLUSD chart from Tradingview