The creator of Jupiter emphasized the potential of memecoins as a means to attract a large number of new Web3 users and facilitate their understanding of the broader cryptocurrency landscape.
Jonathan Oggiono, also known as “Were Meow,” suggested that memecoins on Solana and other blockchain networks represent a new model for engaging users. He stated in a discussion on X on June 10 that while user-generated content was the focus of the web2 era, the web3 era is characterized by user-generated money.
The frenzy surrounding memecoins in 2024, particularly on Solana and Base, has been a prominent feature of the current market trend, alongside the increasing institutional adoption such as spot Bitcoin ETFs. Despite criticism of the perceived gambling behavior, users continue to engage with the memetic cryptocurrency market, with some individuals turning small investments into substantial profits.
New projects like Dogecoin and Shiba Inu have emerged as challengers to established market leaders, with tokens such as Dogwifhat, Brett, Book of Meme, and Dog.Go.To.The.Moon quickly gaining traction and rising to the top 10 memecoins by market capitalization shortly after their launch.
Oggiono also highlighted the potential for meme protocols to serve as a gateway to the broader web3 ecosystem, providing users with an entry point to understanding crypto infrastructure, decentralized finance (DeFi), and other specialized sectors like real-world assets. This perspective aligns with comments made by Solana co-founder Raj Gokal at Consensus 2024, who suggested that crypto meme projects could serve as an intuitive way to onboard new users.
In conclusion, the potential of memecoins goes beyond mere speculation, offering a unique opportunity to engage with the evolving landscape of Web3 and cryptocurrency.