The Solana blockchain has been overtaken by racist memecoins in the latest cryptocurrency trend

By now you’ve probably heard of Dogecoin, the popular cryptocurrency with the internet-famous name “doge.” During the recent cryptocurrency boom, fueled by some successful examples such as Dogecoin and the similarly inspired Shiba Inu coin, memecoins have become very popular among… Get rich quick scammers Looking to make money fast with quick pump and dump schemes.

The memecoin craze is now once again very popular among the cryptocurrency community, especially on the Solana blockchain. But over the past few days, meme currencies haven’t been based on cute animal memes on the internet. No, they’re named after incredibly racist slurs and concepts.

Among some of the new meme currencies you can find on decentralized cryptocurrency exchanges right now? Many cryptocurrencies contain the n-word, a token called “Jews did 9/11,” and “NAZI,” which appears on exchanges as just a swastika as a trading symbol.

What is happening?

Bitcoin’s value rose to a new all-time high this month, surpassing $70,000 for the first time. Several cryptocurrency tokens have also risen in value alongside Bitcoin over the past few weeks, in a minor crypto comeback the likes of which we haven’t seen since the 2022 market crash.

With all this money moving around the market, some meme coins have also seen a sudden spike in value as well, especially those published on the Solana blockchain. Solana has raised hundreds of millions in venture capital funding from companies like Andreessen Horowitz and investors like Kevin Rose. Solana is the network of choice for many of these coins because it is relatively easy to mint a new token on its blockchain. Solana is also very popular among NFT trading communities for the same reason.

Late last year, a new memecoin called dogwifhat, or WIF, was minted on the Solana blockchain based on an internet meme featuring — you guessed it — a dog wearing a knit hat. The token slowly spread among the memecoin community, landing at around $0.04 shortly after its launch. On March 15, Dojoyvat price reached a high of $3.47.

There are a few other similar examples of niche meme coins like dogwif earning insiders and a few lucky early adopters easy money in recent months. As always, cryptocurrencies are full of people looking to make a quick and easy profit. However, for a memecoin to take off, it must spread widely. Quite a few memecoin founders decided that creating memecoins named after racial slurs like the n-word and allusions to white supremacist rhetoric was the way to go. This became a trend among some crypto communities, and more racist memes were created.

The tweet may have been deleted

The tweet may have been deleted

After that, cryptocurrency traders actually started buying and selling these racist meme coins, pushing them to the top of the trending cryptocurrency charts on major cryptocurrency listing platforms.

There have been some Negative reaction From the cryptocurrency community, traders are sharing their concerns on social media platform X about how Solana is distorting the mainstream audience. However, industry leaders have neither said much nor taken any action on the issue.

The tweet may have been deleted

Anatoly Yakovenko, co-founder of Solana Labs, issued a statement on X denouncing those who created racist and anti-Semitic memecoins.

“Fuck these racist, anti-Semitic statements,” Yakovenko to publish.

The tweet may have been deleted

However, it is not clear whether Solana Labs is willing or able to take any action to stop the creation of these tokens.

As mentioned earlier, racial memcoins can also be found on most major cryptocurrency listing websites. One entity, decentralized exchange analytics platform DEX Screener, has filed a statement Saying that they “will be watching our premium profile moderation policy in the coming days.”

The tweet may have been deleted

“We won’t be the gatekeepers to what happens on-chain, but we’re definitely not here to spread hate,” DEX Screener said in a post on X.

According to CoinMarketCap, as of the publication of this article, the two most popular tokens on the Solana blockchain are the “Jews did 9/11” token and the Adolf Hitler token.