Solana’s CEO Calls Memecoins “Digital Slop”—Even Though They Drive 62% of His Network’s Revenue

Solana Labs CEO Anatoly Yakovenko has stirred controversy after labeling non-fungible tokens (NFTs) and memecoins as “digital slop.” The comment came during an ongoing debate over the value of digital assets and has prompted sharp reactions across the crypto community.

In a post on X, Yakovenko stated that NFTs and memecoins “have no intrinsic value,” a position he claims to have held since early 2024. He compared them to “loot boxes” in free-to-play mobile games, suggesting they function primarily as speculative instruments.

Despite his statements, Yakovenko also admitted that Solana’s recent success has been tied to memecoin activity. This is backed by data from infrastructure provider Syndica, which shows that in June 2025, memecoins accounted for 62% of all decentralized app revenue on the Solana network.

Between January and June 2025, memecoin transactions also contributed to the majority of Solana’s $1.6 billion in total network revenue, with much of this activity coming from launchpads like Pump.fun.

Several figures in the crypto community responded to Yakovenko’s remarks. A contributor to the Flaunch protocol, identified as “Caps” on X, accused the Solana executive of calling out the same users who fuel the network’s growth. Another commentator, “Karbon,” Yakovenko’s stance with Ethereum co-founder Vitalik Buterin’s, calling Yakovenko’s dual role as promoter and critic “distasteful.”

The debate comes as rival memecoin launchpad LetBonk challenges’s dominance, occasionally surpassing it in daily revenue. The rise of alternative platforms reflects continued demand for memecoin-related applications despite ongoing discussions around their long-term value.