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Solana Community Denounces Inflammatory Memecoins
Members of the Solana community and the broader crypto ecosystem have strongly criticized the recent surge in inflammatory memecoins that occurred on March 22.
Unknown entities exploited Solana’s token creation feature to introduce thousands of memecoins with names containing racist, antisemitic, and anti-China references, as well as other offensive material.
Solana’s founder and CEO, Anatoly Yakovenko, publicly condemned this trend, stating:
“F’ these anti-Semitic racist incels.”
Response from DEX Screener
DEX Screener, a widely-used third-party service that monitors tokens across various blockchains, including Solana, announced that it would reassess its policies in light of the recent influx of offensive memecoin launches.
The company emphasized that while they will not act as gatekeepers for on-chain activities, they are committed to preventing the spread of hateful content, stating:
“We won’t be the gatekeepers of what happens on-chain, but we’re definitely not here to spread hate.”
The platform’s documentation specifies that all data is currently managed in real time without any human moderation or intervention.
Although the memecoin trend has slightly subsided at present, it remains uncertain whether DEX Screener has taken any measures in response.
Molly White of web3isgoinggreat highlighted that the offensive tokens initially dominated DEX Screener, some of which are still trending on the platform’s main page. Conversely, memecoins advocating against harmful content, such as “Stop Racism on Solana” and “F— DEX Screener,” have gained popularity.
The Memecoin Frenzy
For several months, the cryptocurrency industry has been captivated by a memecoin frenzy, largely fueled by the remarkable rise in value of tokens like BONK and WIF.
Solana’s cost-effectiveness and rapid transaction speeds have positioned it as a primary beneficiary of the memecoin trading surge, with a substantial portion of the trading volume taking place on its network.
SolanaFM recently disclosed that over 20,000 new tokens are generated daily on the Solana network. The network’s escalating token count is facilitated by its relatively low transaction fees, making the creation of new tokens more economical compared to other blockchains.
While the average transaction fee on Ethereum surpasses $9.00, Solana transactions typically incur only a fraction of a cent, albeit with potential fluctuations in actual costs across each chain.
Within the last 24 hours, almost all of the 50 top trending cryptocurrencies on DEX Screener have been transacted, at least partially, on the Solana network.
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