By now, you’ve probably heard of Dogecoin, a popular cryptocurrency named after the popular “doge” internet meme. During the last cryptocurrency boom, meme coins became extremely popular among the population, driven by a handful of successful examples such as Dogecoin and the similarly inspired Shiba Inucoin. Scammers get rich quick Hoping to make quick money through a quick pump-and-sell scheme.
Memecoin craze is now very popular in the cryptocurrency community again, especially on the Solana blockchain. However, over the past few days, meme coins have not been based on cute internet animal memes. No, they are named after incredibly racist slurs and concepts.
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Can you find some new meme coins on decentralized cryptocurrency exchanges right now? Many cryptocurrencies feature the n-word, a coin called “Jews Did 9/11,” and “NAZI,” which only has the swastika as its trading symbol on exchanges.
A list of some racist meme coins on the Solana blockchain.
Image source: Mashable screenshot
What happened?
This month, the value of Bitcoin rose to an all-time high, surging above $70,000 for the first time. The value of many cryptocurrency tokens has also risen alongside Bitcoin over the past few weeks, witnessing a minor cryptocurrency recovery not seen since the 2022 market crash.
With all this money flowing in the market, some memecoins have suddenly surged in value, especially those deployed on the Solana blockchain. Solana has raised hundreds of millions of dollars in venture capital from firms like Andreessen Horowitz and investors like Kevin Rose. Solana is the network of choice for many of these tokens because it is relatively easy to mint new tokens on its blockchain. For the same reason, Solana is also popular in the NFT trading community.
Late last year, a new meme coin called “dogwifhat” or “WIF” was born on the Solana blockchain, based on an internet meme showing (you guessed it) a dog wearing a knitted hat. The token slowly spread among the memecoin community and fell to around $0.04 shortly after its launch. On March 15, dogwifhat hit a high of $3.47.
There have been other similar examples of niche meme coins in recent months, such as Dogwifhat, which have made it easy for insiders and a few lucky early adopters to cash out. And, as usual, cryptocurrencies are flooded with people looking to make money quickly and easily. However, for meme coins to take off, they need to go viral. A significant number of memecoin founders believe that creating memecoins named after racial slurs (such as the n-word) and statements that imply white supremacy is the right choice. This became a trend in some cryptocurrency communities and more racist meme coins were created.
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Cryptocurrency traders then actually started buying and selling these racist meme coins, pushing them onto cryptocurrency trend charts on major cryptocurrency listing platforms.
There are already some recoil Traders from the cryptocurrency community took to social media platform X to share their concerns about how this would impact Solana for mainstream audiences. However, industry leaders haven’t said much or taken any action on the matter.
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Solana Labs co-founder Anatoly Yakovenko issued a statement on X condemning those who create racist and anti-Semitic memecoins.
“These anti-Semitic racist involuntary celibates,” Yakovenko release.
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However, it is unclear whether Solana Labs is willing or able to take any action to prevent the creation of these tokens.
As mentioned earlier, racist meme coins can also be found on most major crypto coin listing sites.Decentralized trading analysis platform DEX Screener has indeed launched a statement stating that they will “review our token profile review policy in the coming days.”
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“We won’t be the gatekeepers of what happens on the chain, but we are definitely not here to spread hate,” DEX Screener said in a post on X.
According to CoinMarketCap, as of the time of publication, the two most popular tokens on the Solana blockchain are the “Jews Did 9/11” and Adolf Hitler tokens.
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