Anatoly Yakovenko, co-founder of Solana, ignited backlash after declaring via a tweet on X (formerly Twitter) that memecoins and NFTs are “digital slop.” Interestingly, he subtly acknowledged that without memcoins, Solana would not have reached its current scale. He compared their impact to that of loot boxes in fueling app store revenues.
Absolutely. Without lootboxes ios would have negligible revenues for Apple.
— toly 🇺🇸 (@aeyakovenko) July 27, 2025
Crypto Community Reacts
In an exchange of tweets with Base creator Jesse Pollak, Yakovenko likened NFTs and memecoins to in-game loot boxes, referring to them as products with no intrinsic value. Notably, the response comes despite memecoin-driven revenue accounting for 62% of Solana’s network income in June.
Yakovenko’s blunt remarks prompted criticism from the crypto community. Many users expressed frustration that he continues to benefit from and publicly promote the memecoin ecosystem, despite dismissing its legitimacy.
I’m not a huge fan of how Vitalik handled memecoins (nuking them in 1 clip anytime someone sent them to his wallet) but I find Toly’s approach much more distasteful, actively promoting them constantly while believing they’re worthless https://t.co/bl64hKZp4b
— karbon 🐺🦊 (@basedkarbon) July 28, 2025
Some users pushed back against Yakovenko’s digital slop remark by highlighting the real-world value of NFTs, arguing that not all projects are speculative. Artist Mjuleslik pointed to NFTs that fund charitable causes, including support for orphanages. The user emphasized that digital collectibles can carry artistic merit and social impact beyond mere hype or meme culture.
To further mock the co-founder, a memecoin named Digital Slop (SLOP) was launched on the Solana network following Anatoly’s X post. The token quickly gained attention as users flipped criticism into a speculative asset. Despite lacking a roadmap or utility, SLOP surged to a $5.3 million market cap, representing a 2,300% gain from its initial launch valuation of $67,300.
Other Crypto Executives Criticize Memecoins
Former Binance CEO Changpeng Zhao has criticized the explosive growth of memecoins as a distraction from blockchain innovation. In a post on X, he described the memecoin ecosystem as “a little weird” and noted that it has enabled many pump-and-dump schemes. He urged the crypto community to refocus its energy toward projects delivering real-world blockchain solutions.
Meanwhile, Cathie Wood, CEO of ARK Invest, has issued strong warnings about the speculative nature of memecoins. Recently, she stated that most of these tokens will ultimately become worthless. She emphasized that ARK Invest avoids exposure to these assets and encouraged investors to proceed with extreme caution.
