Jupiter Founder: Memecoins are user-generated money

The Jupiter founder said memecoins could be a gateway to attract new Web3 users en masse and an on-ramp to understand the broader cryptocurrency stack.

According to Jonathan Oggiono, commonly known as “Were Meow”, Solana memecoin and similar tokens on other blockchain networks herald a new paradigm of value proposition for users.

“In the web2 era, everything was about user-generated content. In the web3 era, it’s all about user-generated money,” he said Today via a June 10 thread on X.

Memecoin-mania 2024

Token meme, especially about Solana (SOL) and Base, have almost grabbed the spotlight on this year’s market bullish trend along with institutional adoption such as Bitcoin spot ETFs.

While the skeptics scrutinize so-called “casino behavior”, users speculate on the memetic cryptocurrency market. Some traders have turned a few dollars into hundreds of thousands of dollars; others have even made millions from early-stage memecoin investments.

New projects like Dogecoin (DOGE) and Shiba Inu (SHIB) have also put the market leaders of previous cycles to the test.

According to CoinGecko, new tokens like Dogwifhat (WIFE), Brett (BRETT), Book of Memes (BOME) and Dog.Go.To.The.Moon (DOG) entered the top 10 memecoins by market capitalization within a few weeks or months of launch.

A dive into web3

Oggiono also believes that meme protocols are positioned to offer a first contact with the broader web3 ecosystem. The Jupiter founder believes that memes can open up a deeper understanding of crypto infrastructure, decentralized finance (defi), and even more niche sectors such as real-world assets.

The remarks echo sentiments shared by Solana co-founder Raj Gokal at Consensus 2024. As reported by crypto.news, Gokal declared that crypto meme projects could “intuitively onboard users.”

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