Solana blockchain invaded by racist memecoins in latest cryptocurrency trend

You’ve probably already heard of Dogecoin, the popular cryptocurrency named after the popular internet meme “doge.” During the latest cryptocurrency boom, supported by a few successful examples like Dogecoin and the similarly inspired coin Shiba Inu, memecoins became very popular among cryptocurrencies. get-rich-quick scammers you are looking to make money fast with quick pump and dump programs.

The memecoin craze is now very popular again among the cryptocurrency community, especially on the Solana blockchain. But in recent days, memecoins haven’t been based on cute animal memes on the Internet. No, they were named after incredibly racist slurs and concepts.

Among some of the new memecoins you can now find on decentralized crypto exchanges? Many cryptocurrencies with the n-word include a token called “The Jews Did 9/11” and “NAZI,” which appears on exchanges as a simple swastika as a trading symbol.

What is happening?

The value of Bitcoin reached a new all-time high this month, surpassing $70,000 for the first time ever. Many cryptocurrency tokens have also risen in value alongside Bitcoin in recent weeks, in a minor crypto resurgence the likes of which hasn’t been seen since the 2022 market crash.

With all this money circulating in the market, some memecoins have also seen a sudden increase in value, particularly those deployed on the Solana blockchain. Solana has raised hundreds of millions of dollars in venture capital 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 create a new token on its blockchain. Solana is also popular among NFT trading communities for the same reason.

Late last year, a new memecoin called dogwifhat or WIF was created on the Solana blockchain, based on an internet meme showing – you guessed it – a dog wearing a knitted hat. The token slowly spread within the memecoin community, reaching around $0.04 shortly after its launch. On March 15, dogwifhat reached a high of $3.47.

There are a few other similar examples of niche memecoins, like dogwifhat, that have allowed insiders and a few lucky early adopters to make easy money over the past few months. And, as always, cryptocurrencies are full of people looking to make money quickly and easily. However, for a memecoin to take off, it must go viral. Many 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 memecoins were created.

The tweet may have been deleted

The tweet may have been deleted

Then, crypto traders started buying and selling these racist memecoins, pushing them up the cryptocurrency trending charts on major crypto trading platforms.

There were some backfire from the crypto community, with traders sharing their concerns on social media platform X about how this will taint Solana for the general public. However, industry executives haven’t said much or taken any action on the matter.

The tweet may have been deleted

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

“F’ these racist anti-Semitic incels”, Yakovenko job.

The tweet may have been deleted

However, it is unclear whether Solana Labs is willing or able to take steps to stop the creation of these tokens.

As mentioned earlier, racist memecoins can also be found on most major websites listing crypto tokens. One entity, decentralized exchange analytics platform DEX Screener, has published a statement saying they would “consult our token profile moderation policy in the coming days.”

The tweet may have been deleted

“We won’t be the gatekeepers of what happens on the channel, but we’re certainly not here to spread hate,” DEX Screener said in an article on X.

According to CoinMarketCap, at the time of publishing this article, the two most trending tokens on the Solana blockchain are “The Jews Did 9/11” and the Adolf Hitler token.