Solana is becoming the go-to blockchain for racist meme coins. You can find multiple cryptocurrencies with the n-word, a token called NAZI, and another token called "Jews did 9/11" on decentralized exchanges where Solana-based tokens are trading.
According to Coinmarketcap data at the time of writing, the Adolf Hitler (NAZI) token's trading volume was up 917.52% in the last 24 hours. The Jews did 9/11 (JEWS) token's trading volume was up 37.85% in the same time period. Both of these racist meme coins are running on the Solana blockchain, as are numerous others.
Why Solana?
Solana's fast transactions and low costs have given it the position of the main benefactor of the meme coin trading surge, with a significant portion of the trading volume occurring on the blockchain. According to SolanaFM, more than 20,000 new tokens are created on the blockchain every day. The relatively low transaction fees accommodate its increasing token count.
Creating new tokens on Solana is much cheaper than on other networks, like the Ethereum Mainnet, where the average transaction fee is more than $9.00. Solana fees usually cost a fraction of a penny, which has benefited the creators of racist meme coins.
Bitcoin's ATH was a boon to racist meme coins
Bitcoin broke its record this month, passing $70,000 for the first time in history. Many cryptocurrencies also appreciated in value over the past few weeks, riding Bitcoin's coattails. The whole market has undergone a resurgence reminiscent of 2021, the year before the market crashed.
With all of the funds moving in the market, a number of meme coins saw a sudden spike in value as well, particularly those running on Solana. The network has raised hundreds of millions from venture capitalists such as Andreessen Horowitz and angel investors. It's relatively easy to mint a new token on Solana, including a racist meme coin.
Meme coins need to go viral to be successful
At the end of 2023, a new meme coin called dogwifhat (WIF) emerged on Solana. Predictably, it showed a dog wearing a hat. The meme coin community adopted the token, which was trading for around $0.04 soon after its launch. WIF hit a high of $3.47 on March 15. It's currently trading for $2.29.
WIF and other niche meme coins can make early adopters and insiders lots of money quickly. Like all markets, cryptocurrency is full of entrants looking to make a quick and easy buck. However, a meme coin must go viral to take off. A lot of meme coin creators decided that launching racist meme coins named after the n-word and other racial slurs and white supremacist allusions was the way to go. This became a trend in some niche communities, and more racist meme coins emerged.
A black crypto YouTuber's reaction
The phenomenon of racist meme coins is not surprising, according to YouTuber Bitcoin Zay, who even coined a term for it - SlurFi. He says black people "knew it was going to come" and should not feel affected by it. Many of the creators of the racist meme coins are 30- or 40-year-old men, and obviously, they should "know better." Bitcoin Zay says it's easy to be triggered, but you have to be the bigger person.
The curious development of PEPE
Not only is the phenomenon not surprising, but it's not even really a phenomenon. The curious development of Pepe the Frog, which emerged in 2023, is a case in point. The innocent frog was appropriated by far-right-wingers, some of whom support Donald Trump, and became a symbol for the presidential candidate's political rise.
Pepe is still one of the top trending meme coins, albeit not having been minted on Solana. In April 2023, the frog arrived on the crypto scene via Twitter, introducing itself with a hat that read "Make Meme Coins Great Again," a clear throwback to MAGA. Soon thereafter, the cryptic account launched a Telegram channel, a website, and more than 420 trillion coins. The site marketed PEPE as a viable alternative to other meme coins.
Enter MAGA
The MAGA-themed coin (TRUMP) also markets itself as an alternative to popular dog-themed meme coins. While not a racist meme coin in itself, it has been appropriated by white supremacist groups. The token sports the tagline "Make Crypto Great Again" and hopes to win support from politically motivated crypto fans.
It was created in the summer of last year and initially failed to make a splash. It took off after Trump started making headlines for winning one primary election after another. The TRUMP token added 700% to its value in the first week of March, reaching $11.50. Its market cap skyrocketed, too, peaking at almost $500 million and entering the 150 biggest cryptocurrencies.
While MAGA and PEPE don't qualify as racist meme coins, they have been and are being appropriated by people and groups spouting such ideologies.
Blowback from the crypto community
Crypto traders are actively buying and selling racist meme coins, which leads to their value appreciation on major crypto exchanges. There has been some backlash from the crypto community, with members sharing concerns on social media that these developments can taint Solana for mainstream users. Sadly, industry leaders have yet to take action or even say something about the racist meme coin trend.
Solana Labs cofounder Anatoly Yakovenko denounced the creators of antisemitic and racist meme coins on X. At this time, it's not clear whether Solana Labs is able or willing to take any action to stop racist meme coins from being created and launched.
As already mentioned, you can find the racist meme coins on most leading crypto listing platforms. One such entity, the DEX Screener, released a statement that they would view their "token profile moderation policy in the coming days." The others have yet to react.
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