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- Hoskinson claims that the operators are banking on quick profits that benefit insiders, while small investors are left holding the bag.
- In fact, Solana’s memecoin market is shrinking, as even risk-taking memecoin fans are becoming cautious in the face of global recession fears.
Cardano founder Charles Hoskinson criticized Solana for his expanding memecoin system. Hoskinson described Solana as „made to dump“ for insiders seeking quick profits through pump-and-dump market actions.
According to Hoskinson, Solana’s memecoin sector has shown a significant decline in 2025, while these cryptocurrencies have experienced a market value decline of over 85% – CNF reported. The five Solana-based projects, including Official Trump (TRUMP), Bonk (BONK), Fartcoin (FARTCOIN), Dogwifhat (WIF) and Pengu (PENGU), previously rose in value until their speculative bubble completely collapsed.
Hoskinson considers memecoins to be speculation
During his interview with market analyst Scott Melker, Hoskinson clarified that memecoins follow the same life cycle as transient internet trends. He explained that 99 percent of memecoins do not develop sustainable value during their lifetime and fail. The standard framework for memecoins creates a system in which early investors profit by driving up prices before selling their coins, causing later buyers to lose money.
According to Hoskinson, memecoins do not add new crypto market capital, but move existing money between investors. In his opinion, the process works by moving water from one end of the tub to the other, with the drain wide open to favor token creators. He observed this pattern similar to previous speculative events in the crypto industry with ICOs and NFTs that have made insiders rich at the expense of many retail investors.
Hoskinson emphasized that Bitcoin DeFi innovations through tokenization of real-world assets and algorithmic stablecoins will bring lasting value to the crypto industry. Viral tokens without a defined roadmap would have minimal positive impact on progress in the crypto sector.
Solana memecoins plummet as investors become cautious
Hoskinson published his comments during a massive decline in the Solana memecoin market. The total value of five prominent Solana memecoins, including Official Trump (TRUMP), Bonk (BONK), Fartcoin (FARTCOIN), Dogwifhat (WIF) and Pengu (PENGU), has plummeted 85.5% from its yearly high of $81.83 billion.
The number of new memecoins launched via the Solana Pump platform has fallen dramatically. The number of new tokens launched on January 23 peaked at 71,738, dropping to around 9,000 by April 1. During this period, the market appears to be experiencing a decline in speculative betting in the sector.
Uncertainty in the global financial markets forced investors to shift their funds from high-risk memecoins into more stable income-generating assets.
Hoskinson’s analysis offers a realistic perspective on the crypto system’s ongoing debate about the purpose of memecoins. Some users value memecoins as a means of generating consumer enjoyment, while many others view these assets as volatile investment opportunities. The future of memecoins traded on Solana is unclear, as their market is showing signs of trouble.
