Solana Community Condemns Spike in Offensive Memecoins

Solana's community has denounced a surge in inflammatory memecoins with racist and antisemitic names. DEX Screener, a token monitoring service, is reviewing its policies after the influx of offensive content. The trend has diminished, with backlash memecoins emerging. The crypto industry's memecoin frenzy, fueled by BONK and WIF, has made Solana a hub for memecoin trading due to its low costs and fast transactions. Over 20,000 new tokens are created daily on Solana, with the majority of top trending cryptos on DEX Screener circulating on the network.

Solana Community Condemns Surge in Offensive Memecoins

New York, March 22, 2023 - Members of the Solana community and the broader cryptocurrency ecosystem have denounced a recent surge in inflammatory and offensive memecoins on the Solana blockchain.

In recent days, unknown parties have exploited Solana's token creation feature to introduce thousands of memecoins bearing racist, antisemitic, and anti-China terminology. Some tokens also contained other broadly offensive material.

Solana Founder Condemns Hate Speech

Solana founder and CEO Anatoly Yakovenko swiftly condemned the trend, stating: "F' these anti-Semitic racist incels."

DEX Screener Responds

DEX Screener, a third-party service that monitors tokens on various blockchains, including Solana, has announced that it will review its policies following the proliferation of offensive memecoins.

"We won't be the gatekeepers of what happens on-chain," the company said, "but we're definitely not here to spread hate."

DEX Screener's documentation indicates that all data is currently handled in real time "without any human moderation or intervention."

Trend Subsides, but Concerns Linger

As of press time, the trend of offensive memecoins on Solana has diminished slightly. However, it remains unclear whether DEX Screener has taken any action against the responsible parties.

Molly White of the web3isgoinggreat website observed that while the offensive tokens initially flooded DEX Screener, few are currently trending on the platform's main page. Moreover, memecoins representing backlash against the harmful content have emerged, including "Stop Racism on Solana" and "F— DEX Screener."

Memecoin Frenzy Grips Crypto Industry

The cryptocurrency industry has been gripped by a memecoin frenzy for months, fueled by the rapid appreciation of tokens such as BONK and WIF.

Solana's low transaction fees and fast processing times have made it a primary beneficiary of the memecoin trading surge, with a significant portion of the trading volume occurring on the network.

SolanaFM recently reported that over 20,000 new tokens are created daily on the network. Solana's rising token count is facilitated by its comparatively low transaction fees, which make token creation more affordable than on other blockchains.

For example, while the average Ethereum transaction fee exceeds $9.00, Solana transactions typically cost a fraction of a cent, although actual transaction costs may vary on both chains.

Over the past 24 hours, 45 of the top 50 trending cryptocurrencies on DEX Screener were circulating, at least in part, on Solana.

Conclusion

The recent surge in offensive memecoins on Solana has sparked widespread condemnation from the community and has raised concerns about the potential for hate speech and other harmful content to proliferate on the blockchain. DEX Screener has pledged to review its policies, and it remains to be seen whether the platform will take action against the responsible parties. As the memecoin frenzy continues to grip the crypto industry, it is essential for platforms and community members to remain vigilant against hate speech and other forms of harmful content.