The co-founder of Pump.fun, a platform focused on launching meme coins, has stated that most altcoins serve the same purpose as memes, emphasizing the speculative nature of many digital assets. According to him, the majority of altcoins lack real utility and function primarily as vehicles for hype and market speculation rather than technological innovation.
In a recent interview, the co-founder argued that crypto traders are drawn more to narratives and community-driven hype than to underlying technology or real-world use cases. This sentiment reflects the growing popularity of meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and others, which have amassed large followings despite limited fundamental utility. He noted that while some projects aim for decentralized finance (DeFi) or infrastructure development, many new altcoins are launched purely for speculative trading.
The rise of meme coins and low-utility tokens has been fueled by platforms like Pump.fun, which allow users to create and trade new tokens with minimal effort. While this has democratized token creation, it has also led to concerns over market saturation and potential investor risks. Regulators have increasingly warned about the dangers of investing in highly volatile and often short-lived meme coins, as they can be subject to pump-and-dump schemes.
Despite skepticism from traditional investors, meme coins continue to thrive, often riding on social media trends and celebrity endorsements. As the crypto market evolves, the debate over whether altcoins provide real value or are just speculative assets remains a central topic among traders, developers, and regulators alike.
