Solana co-founder Anatoly Yakovenko has ignited a heated discussion in the crypto community by labeling memecoins and NFTs as “digital slop” with no intrinsic value. In a recent post on X (formerly Twitter), Yakovenko stated, “I’ve been saying this for years. Memecoins and NFTs are digital garbage and have no real value,” likening them to loot boxes in mobile games.

His comments come even as Solana has benefited enormously from the memecoin craze—driven in part by platforms like pump.fun. The analogy to loot boxes, which are virtual rewards in many free-to-play games, drew pushback from users who saw his stance as dismissive of the very activity fueling Solana’s ecosystem.

Community Divided: Utility or Market-Driven Value?

During a public debate with Base CEO Jesse Pollak, Yakovenko argued that memecoin value is purely the result of market-driven price discovery, while Pollak maintained that some value can be found in the content and culture itself. Yakovenko acknowledged that Solana’s success is closely tied to memecoins, just as Apple’s revenue is partially dependent on in-app purchases like loot boxes.

Critics, however, saw Yakovenko’s remarks as a slight against Solana’s own user base. Loot boxes themselves are controversial—often criticized for encouraging repeated spending with uncertain rewards and prompting regulatory scrutiny in several countries.

Memecoins Dominate Solana’s Revenue

According to infrastructure firm Syndica, memecoins made up 62% of Solana’s dApp revenue in June—a record high. In the first half of the year, Solana’s memecoin sector generated an estimated $1.6 billion. Meanwhile, new competitors like LetsBonk are now challenging the former dominance of launchpad leader pump.fun.