#coins

Vitalik Buterin, in his latest post, has drawn the community's attention to the potential utility of meme coins.

A recent CoinGecko study reveals a startling fact: over 50% of cryptocurrency projects (14,039), listed on the platform since 2014, have faced failure. The vast majority of these setbacks (more than 70%) occurred between 2020 and 2022, largely attributed to the ease of deploying tokens and the craze around meme coins.

Avalanche has recalled its Culture Catalyst fund, established last year to empower creators, foster innovation, and advance the adoption of blockchains.

Over 75% of non-vote Solana transactions are failing. This problem seems to stem from the recent influx of new meme coins, as acknowledged by several project supporters. They point out that the bulk of these failed transactions are generated by regular arbitrage spam bots.

The announcement of new payment functionalities on X has catalyzed a surge in interest for meme coins such as Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB). This growing enthusiasm is evident in the significant increase in futures open interest for these coins. Despite the heightened trading volumes, there has been little impact on their prices.

Sandeep Nailwal, the co-founder of Polygon, is exploring the idea of endorsing certain popular meme coins on the Polygon blockchain to draw in a broad array of new users. He noted that there is sustained interaction with these projects, even in the absence of inherent utility.