CryptoQuant’s founder and CEO Ki Young Ju shared his concerns about the recent surge in the new generation meme coin frenzy.
Ki Young Ju, one of the experienced figures in the crypto market, recently expressed his discontent with the meme coin craze on social media.
Especially addressing the recent trend of “send me SOL, I’ll send you meme coins,” Young Ju stated his feelings about the trend, emphasizing that it is not sustainable and beneficial for the industry.
Comparing the meme coin frenzy to the 2018 ICO frenzy, he underscored that such trends will not advance the industry:
Meme coins are detrimental to the crypto industry. Seeing billion-dollar memecoins overshadow hardworking teams producing legitimate products to advance the industry is frustrating. Just like the 2018 ICO bubble showed, easy money doesn’t drive progress across the industry. If you think meme coins are good for the industry, you must be a novice who hasn’t experienced the side effects of easy money.
Recently, meme coins with billions of dollars in volume have managed to vacuum the volume in the industry. The main reason behind this is investors’ desire to make high profits in a short time. This situation has led to the proliferation of meaningless and unhelpful projects.
