The meteoric rise of memecoins is partly due to the Solana network, with 541,000 new token projects created in May. Celebrities like Andrew Tate, Lil Pump, and Iggy Azalea have launched their memecoins on Solana.
Many of these projects are accused of insider trading and pumping. Solana’s user-friendly architecture and features, which make it easy to deploy tokens and smart contracts, have led the network to be called the “MacOS of blockchain” by Pantera Capital.
Read more: Memecoin Dogewifat continues to decline, where is the stop?
