Roko Mijic’s post this weekend led to a significant rally in memecoins, prompting a response from Ethereum co-founder Vitalik Buterin. Buterin shared his thoughts on the adoption of meme coins.
Vitalik Buterin’s Opinion on Memecoins
The ongoing rally in cryptocurrencies has lifted the total value of memecoins to over 30% of $41 billion. When talking about memecoins, Shiba Inu (SHIB) follows DOGE and experienced a massive 70% price increase early today, leading the rally throughout the day.
Following the price movement, SHIB’s price rose to $0.00002, and at the time of writing this article, the rise was still ongoing.
Dogecoin (DOGE), which is at the peak of market capitalization among meme coins, also recorded an increase of over 30% following the recent rally.
Market participants continue to speculate that DOGE may be preparing for a long-term bull run. DOGE’s 24-hour trading volume also saw a significant increase, exceeding $4.77 billion.
The rally in the market has propelled almost all memecoins forward, and there are opinions that the positive momentum could continue for a while longer.
User RokoMijic highlighted in a statement that these memecoins are currently rallying due to the limited use cases arising from the downturn in the crypto infrastructure. However, Vitalik Buterin reacted to this post, indicating that the situation is not always as it seems.
Buterin made the following statement:
“I felt completely the same two years ago, and my main argument was something like ‘infrastructure is a public good, the incentive to finance public goods is N times less than optimal (this is basic economics 101), therefore having a lot of infrastructure is practically impossible’.”
Dogecoin (DOGE) Price Situation
Dogecoin seems to be continuing its unstoppable rise after recently surpassing the $0.1 level. The price has left the $0.14 level behind following a 0.54% increase in the last 24 hours.
On the other hand, DOGE’s market capitalization has surpassed the $20 billion mark, and at the time of writing, DOGE is ranked 9th in market position. DOGE’s 24-hour trading volume also increased by 13.5%, exceeding $3.9 billion.
Although the rise in DOGE is happening within a structure parallel to the general cryptocurrency world, seeing it happen without the explicit support of Elon Musk might be creating greater optimism among investors. Possible support from Elon Musk could potentially propel DOGE back to its former peak.
