Memeconomy

“The Peak Of Crypto Degeneracy,” discusses the surge in interest and value of Solana and meme coins. Solana, founded in 2020, is a California-based for-profit company that uses a proof of stake consensus mechanism and supports smart contracts. Its main selling point is faster and more efficient transactions than its main competitor, Ethereum.  The creation and promotion of meme coins has become increasingly easy to make due to the standardization of the process. Anyone can create a new meme coin by picking a name, ticker symbol, and uploading an image, often an internet meme, for a small fee. The number of meme coins being created each month has exploded, with millions of new coins entering the market. To stand out, some crypto promoters have turned to celebrity endorsements, including Caitlyn Jenner and Iggy Azalea, as well as social media influencers like Andrew Tate and Boogie2988 (pictured above).