Solana co-founder Anatoly Yakovenko suggested that memecoins creators allocate developer grants to improve meme projects.
Memecoins remain a contentious cryptocurrency sector where investors can see massive losses quickly in scams known as “rug pulls” or “getting rekt.”
Solana (SOL) has become the go-to network for memecoins due to its low transaction fees and simple coin solutions like pump.fun.
Solana co-founder Anatoly Yakovenko proposed enlisting developers to create customer features. “Memecoins should grant dev teams to build stuff for them. Effectively reverse the ICO process,” Yakovenko wrote on Monday.
The X reply was part of a discussion on how meme projects could increase retail user onboarding and attract institutional investors to adopt cryptocurrencies.
Memecoins tumble with crypto market
The memecoin sector joined a broad crypto market decline on Monday, losing over 8% of its market cap, according to CoinGecko data.
Bearish price actions have affected digital assets for weeks, and meme tokens have succumbed to the volatility associated with cryptocurrencies. Top meme tokens like Brett (BRETT), Dogwifhat (WIF), and Pepe (PEPE) have seen double-digit declines within the past week alone.
