XRP Price Surges with 61% Increase in Trading Volume
Solana co-founder Anatoly Yakovenko labeled meme coins and NFTs as “digital slop” lacking intrinsic value, despite their significant contribution to Solana's ecosystem revenue. His comments reignited debate over the value of these digital assets.
Meme Coins, NFTs Critiqued
- Yakovenko stated that meme coins and NFTs are comparable to mobile game loot boxes.
- He noted that people spend $150 billion annually on mobile gaming.
- Jesse Pollak, creator of Base, defended the intrinsic value of digital collectibles, likening them to traditional artwork.
- Yakovenko acknowledged meme coins were crucial for Solana's growth, similar to Apple's revenue model reliant on loot boxes.
Meme Coins' Revenue Impact
- Meme coins constituted 62% of Solana's decentralized app revenue in June, the highest recorded.
- Solana generated $1.6 billion in revenue in 2025, primarily from meme coin activities.
Technical Analysis for SOL
- Analyst Ali Martinez highlighted a critical price threshold at $200 for Solana (SOL).
- A break above $200 could lead to new all-time highs with minimal resistance.
- Glassnode data indicates thin price distribution between $200 and previous ATH levels.
- SOL is currently trading near $192, approaching a breakout point.
SOL Price Chart with Indicators | Source: TradingView