Solana CEO Explains ‘Fair’ Meme Coin Launch Amidst Rising Scams

Meme coins have become more prevalent than ever. The crypto industry has been welcoming an array of new meme-inspired tokens lately. Looks like dog-inspired meme coins are no longer in the news. With PEPE’s surging popularity, the “frog” seems to be highly sought after at the moment. But in addition to this rise, the risk of fraudulent meme coins has caused fear among many.

Recently, it was revealed that more than 14 deceitful meme crypto coins were introduced to the market, all within the span of the last three days. This information was shared by PeckShieldAlert on Twitter, bringing attention to the emergence of such scams in the crypto industry.

Anatoly Yakovenko, a co-founder of Solana, chose to express his perspective on the matter as concern over these coins has taken center stage. Taking to Twitter, he emphasized the importance of a fair token launch.

According to the Solana chief, crypto exchanges or marketplaces could aid in diminishing the risks associated with fraudulent meme coins. Those who choose to list these tokens are required to launch them with zero fees. This way scam tokens can be sidelined from consistently draining user liquidity.

Filtering the meme coin chaos

The Solana chief further noted the importance of putting forth a “fair list.” He further added,

“Come up with a “fair” list that uses some heuristics to identify active users and distribute the coin without any premine. One group of researchers could do the analysis and publish the list, and anyone can use it to launch.”

Identifying legitimate coins can be quite a task for investors as well as exchanges. Therefore it is pertinent to do immense research. Exchanges, for instance, can conduct thorough due diligence. This can be done by evaluating the meme coin’s team, whitepaper, community engagement, and underlying Solana technology. They can also set listing criteria to filter out suspicious or scam projects as mentioned by Yakovenko.

Furthermore, keeping an eye on the community and its reactions to the project can also help. Regularly engaging with the community can aid in gauging the goals and motives of the project.