Solana Blockchain Engulfed in Racist Meme Coin Frenzy, Igniting Outrage

Solana Blockchain Embroiled in Surge of Racist Meme Coins, Sparking Outrage

Solana has emerged as the preferred blockchain for a disturbing surge in racist meme coins, raising concerns within the cryptocurrency community. Decentralized exchanges that facilitate trading of Solana-based tokens are now hosting a proliferation of cryptocurrencies adorned with slurs, such as the n-word, and coins bearing blatant white supremacist references, including "NAZI" and "Jews did 9/11."

According to Coinmarketcap data, the trading volume of the Adolf Hitler (NAZI) token surged by a staggering 917.52% over the last 24 hours. In the same period, the Jews did 9/11 (JEWS) token witnessed a 37.85% increase in trading volume. These repulsive meme coins operate on the Solana blockchain, along with a litany of others.

Factors Contributing to Solana's Predominance

Solana's rapid transaction speeds and minimal fees have propelled it into the limelight as the primary beneficiary of the burgeoning meme coin trading craze. A significant portion of this trading activity transpires on the Solana blockchain. According to SolanaFM, over 20,000 new tokens are created on the blockchain daily. Notably, Solana's diminutive transaction fees accommodate this burgeoning token count.

In stark contrast to other networks like the Ethereum Mainnet, where the average transaction fee surpasses $9.00, Solana fees typically amount to a mere fraction of a penny. This cost advantage has been particularly beneficial for creators of racist meme coins.

Bitcoin's Resurgence Fuels Meme Coin Surge

Bitcoin's remarkable ascent to a record-breaking $70,000 earlier this month has served as a catalyst for the appreciation of numerous cryptocurrencies, including a surge in meme coin values. As Bitcoin's meteoric rise stirred up reminiscent of 2021's market peak, a host of meme coins, particularly those operating on Solana, experienced a sudden spike in value.

Solana has attracted substantial funding from venture capitalists, including Andreessen Horowitz and angel investors. Its user-friendly platform makes minting new tokens, including racist meme coins, relatively effortless.

Viral Spread Fuels Meme Coin Success

To attain prominence, meme coins require viral dissemination. In late 2023, a novel meme coin named dogwifhat (WIF) emerged on Solana, featuring a comical image of a dog wearing a hat. The meme coin community embraced WIF, which rapidly soared from a launch price of $0.04 to a peak of $3.47 on March 15. It currently trades at $2.29.

WIF and other niche meme coins have proven lucrative for early adopters and insiders. However, the cryptocurrency market is rife with individuals seeking quick profits, driving the trend towards racist meme coins as a means to achieve virality. Creators of these coins exploit the prevalence of racial slurs and white supremacist allusions to generate attention and attract support within certain fringe communities.

Reaction from Crypto Community

YouTube personality Bitcoin Zay, known for coining the term "SlurFi" to describe this phenomenon, maintains that the emergence of racist meme coins is scarcely surprising and should not elicit excessive offense. He attributes the creation of such coins to individuals in their 30s or 40s, who should possess a greater sense of maturity. Bitcoin Zay emphasizes the importance of rising above triggers and embodying the better person.

Precedence in Pepe the Frog's Evolution

The phenomenon of racist meme coins is not entirely novel, as exemplified by the peculiar trajectory of Pepe the Frog. This innocuous amphibian character, appropriated by far-right extremists, including those supporting Donald Trump, became a symbol of the presidential candidate's political ascent.

Pepe remains a prominent meme coin, despite not being minted on Solana. In April 2023, the frog made its crypto debut via Twitter, introducing itself with a hat emblazoned with the slogan "Make Meme Coins Great Again," clearly echoing Trump's famous "Make America Great Again" campaign promise. Shortly after, the enigmatic account launched a Telegram channel, website, and printed over 420 trillion coins. The website positioned PEPE as a viable alternative to other prominent meme coins.

Genesis of MAGA and its Impact

The MAGA-themed coin (TRUMP), marketed as an alternative to popular dog-themed meme coins, while not explicitly racist, has been appropriated by white supremacist groups. Emblazoned with the tagline "Make Crypto Great Again," the token seeks to rally support from politically motivated crypto enthusiasts.

Created during the summer of 2022, TRUMP initially floundered but gained traction as Trump's presidential ambitions garnered increasing headlines. The token's value surged by 700% during the first week of March, reaching a maximum of $11.50. Its market capitalization skyrocketed to nearly $500 million, placing it among the top 150 cryptocurrencies.

Although MAGA and PEPE do not qualify as overtly racist meme coins, they have been embraced by individuals and groups espousing such ideologies.

Adverse Reactions from Crypto Community

Crypto traders' active buying and selling of racist meme coins has led to their value appreciation on major crypto exchanges. This trend has drawn criticism within the crypto community, with members expressing concerns on social media that such developments could damage Solana's reputation among mainstream users.

Disconcertingly, industry leaders have remained largely silent, failing to address or condemn the proliferation of racist meme coins.

Solana Labs co-founder Anatoly Yakovenko has publicly denounced the creators of antisemitic and racist meme coins on Twitter. However, it remains unclear whether Solana Labs possesses the capability or willingness to halt the creation and circulation of such coins.

Racist meme coins are readily accessible on most major crypto listing platforms. One such entity, the DEX Screener, announced an upcoming review of its "token profile moderation policy." Other platforms have yet to respond to the escalating issue.