Solana Co-Founder’s Controversial Stance on Meme Coins Sparks Debate Amid Network’s Revenue Surge

In a recent heated exchange on X, solana co-founder Anatoly Yakovenko dismissed meme coins as 'digital slop,' igniting a fiery debate within the crypto community. This controversial remark comes at a time when meme coins account for a record 62% of Solana's DApp revenue, highlighting a stark contrast between Yakovenko's personal views and the network's financial reliance on these assets. Yakovenko further compared crypto tokens to mobile game loot boxes, emphasizing their lack of intrinsic value. As of July 2025, this debate underscores the ongoing tension between the utility-driven vision of blockchain founders and the market's appetite for speculative assets. The Solana ecosystem's heavy dependence on meme coins for revenue raises critical questions about sustainability and long-term growth, even as the network achieves new all-time highs in adoption and usage.

Solana Co-Founder Dismisses Meme Coins as ‘Digital Slop’ Despite Network's Heavy Reliance

Anatoly Yakovenko, co-founder of Solana, sparked controversy by labeling meme coins as "digital slop" during a heated exchange on X. His remarks drew sharp criticism given that meme coins generate 62% of Solana's DApp revenue—a new all-time high for the network.

Yakovenko doubled down on his stance, comparing crypto tokens to mobile game loot boxes with no intrinsic value. The debate escalated when Base creator Jesse Pollak countered that meme coins derive worth from their content. Solana's paradoxical dependence on meme coins for revenue growth underscores the tension between utility and speculation in crypto markets.

Nasdaq-Listed Upexi Secures $500M Equity Line to Expand Solana Treasury Holdings

Nasdaq-listed consumer brand company Upexi Inc. has secured a $500 million equity line agreement to bolster its Solana (SOL) treasury strategy. The facility, arranged with A.G.P./Alliance Global Partners, allows Upexi to issue common stock at its discretion, providing flexible capital-raising options. CEO Allan Marshall highlighted the attractiveness of the terms, noting the absence of a commitment fee.

Upexi's Solana holdings now stand at 1,818,809 SOL, valued at approximately $331 million as of its last disclosure. The company acquired 100,000 SOL in July through a $200 million private placement, with more than half purchased at a discount via locked FORM, yielding an unrealized gain of $58 million. The firm has since staked a portion of its holdings, further integrating SOL into its corporate treasury strategy.

SEC Delays Grayscale Solana ETF Decision, Triggering Market Reaction

The U.S. Securities and Exchange Commission has postponed its verdict on Grayscale's proposed spot Solana ETF, extending the review period by 60 days. October 10 now serves as the final deadline for approval or rejection.

Solana's native token SOL immediately reacted to the regulatory hesitation, shedding 3% of its value within 24 hours. The decline erased recent gains and dampened trader Optimism surrounding crypto ETF approvals.

Regulators cited the need for additional evaluation time regarding compliance with NYSE Arca's listing standards. This delay mirrors the SEC's cautious approach toward altcoin-based investment products, following similar postponements for other cryptocurrency ETFs.

Solana (SOL) Faces Resistance After 35% July Rally - Technical Analysis

Solana's SOL token retreated to $185.26, marking a 1.65% decline, as traders took profits following a sharp July rally that saw prices peak at $208. The pullback reflects a natural consolidation after the cryptocurrency surged 35% this month.

Technical indicators show neutral momentum with the RSI at 58.88, cooling from overbought territory. While the broader uptrend remains intact, short-term charts reveal bearish divergence, signaling potential further consolidation before any renewed upward move.

The initial July rally stemmed from a bullish double-cup breakout pattern on daily charts. Market participants now watch key moving averages for support, with the $182-$185 zone emerging as critical short-term defense for bulls.