Solana CEO Anatoly Yakovenko denounces influx of racist and offensive memecoins

Members of the Solana community and the crypto ecosystem denounced the recent surge in inflammatory memecoins on March 22.

Unknown parties recently took advantage of Solana’s token creation feature to introduce thousands of memecoins with racist and antisemitic terminology in their names, some tokens also contained anti-China descriptions and other broadly offensive material.

Solana founder and CEO Anatoly Yakovenko spoke out against the trend on X, simply stating:

“F’ these anti-Semitic racist incels.”

DEX Screener responds

DEX Screener, a popular third-party service that monitors tokens on various blockchains, including Solana, said it would review its policies following the high rate of offensive memecoin launches in recent days.

How To Get Free Crypto  

The company said:

“We won’t be the gatekeepers of what happens on-chain, but we’re definitely not here to spread hate.”

The platform’s documentation indicates that all data is currently handled in real time “without any human moderation or intervention.”

As of press time, the trend has slightly diminished. However, it is unclear whether DEX Screener has taken action against it.

Molly White of web3isgoinggreat suggested that the offensive tokens initially filled DEX Screener, few of those tokens are currently trending on the platform’s main page. Furthermore, memecoins representing backlash against the harmful content are trending, including “Stop Racism on Solana” and “F— DEX Screener.”

Memecoin frenzy

The crypto industry has been gripped by a memecoin frenzy for months now, driven primarily by the blistering surge in value seen by BONK and WIF, among others.

Solana’s cheap costs and fast transactions have positioned it as the main benefactor of the surge in memecoin trading, with a significant percentage of the trading volume occurring on the network.

Coinbase Banner  

SolanaFM recently reported that more than 20,000 new tokens are created daily on the network. Solana’s rising token count is accommodated by its comparatively low transaction fees, which make creating new tokens more affordable than on other blockchains.

For example, whereas the average Ethereum transaction fee is above $9.00, Solana transactions typically cost a fraction of a cent — though actual transaction costs on each chain may vary.

Over the past 24 hours, all but 5 of the 50 top trending cryptos on DEX Screener circulated, at least in part, on Solana.

Mentioned in this article

Stay ahead in the crypto game: Follow us on X for daily updates and analysis.

Join 50,000+ followers

Solana drops over 15% in a single day, giving up most of its weekly gains

Analysis 3 days ago

As of press time, SOL was trading at roughly $174 as of press time with a market cap of approximately $77 billion.

FreeBitcoin Banner  

Solana co-founder Anatoly tells community to stop investing in memecoin pre-sales

Memecoins 3 days ago

Millions of dollars have been sent to SOL addresses on the promise of pre-sale tokens for the latest memecoin projects.

Memecoin volumes are just vanity metrics for desperate blockchains

Op-Ed 4 days ago

Memecoin activity fails to stimulate true adoption as Solana, Avalanche gamble on gambling.

Amid investor craze Solana memecoin founder accidentally burns $10 million pre-sale tokens

Culture 5 days ago

Over the weekend, Solana-based memecoins pre-sale frenzy had generated around $100 million.

Go to Source
Author: Mike Dalton

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.