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Memecoins Undermining Crypto Market, Warns CEO

Uphold CEO Simon McLoughlin has expressed concerns about the proliferation of memecoins, calling it a "disturbing trend" that is damaging the cryptocurrency market.

McLoughlin noted the "fraudulent nature" of some crypto industry sectors, particularly the rapid rise of memecoins. "It's concerning that 7,000 new memecoins are being created daily," he said. He fears this AI-driven surge is devaluing the entire cryptocurrency market.

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Pump.fun, a platform that has enabled the creation of over 1 million memecoins since January, has contributed to their popularity. Built on the Solana blockchain due to its low costs, Pump.fun has generated $100 million in revenue, with over 4,500 new memecoins created daily.

Despite his concerns, McLoughlin acknowledges that Uphold offers its clients a way to invest in memecoins. Through the Uphold app, users can access "a selection of popular memecoins" via the platform's memecoin basket, which includes DOGE, FLOKI, PEPE, and BONK.

Disclaimer: This article contains no investment advice.