Vitalik Buterin Dispels Memecoin Myths Amid Recent Surge

• Vitalik Buterin responded to the post by a user on Twitter over crypto infrastructure.
• Buterin thinks that certain infrastructures have received too much funding.

Ethereum co-founder Vitalik Buterin has stepped in to try to correct the record about the acceptance of memecoins, in reaction to a twitter post by Roko Mijic criticizing the adoption of the asset class that caused a huge rise over the weekend.

In the crypto space, the continuous memecoin surge has sent the aggregate market value of the assets up 30%, surpassing $41 billion earlier today. Shiba Inu (SHIB), a popular memecoin, led the rise recently with a healthy 52% increase. The price of SHIB surged to $0.00002 and shows no signs of slowing down..

Dogecoin (DOGE) also had a spike of up to 30% earlier this week. Many in the market think that DOGE is preparing for a massive price surge down the road. As a whole, the increase has affected almost all memecoins, and many are wondering how long the uptrend will continue.

Crypto Infrastructure

Since the crypto infrastructure has declined, there are fewer use cases for these memecoins, which is why they are presently witnessing a rise, according to one twitter user. Vitalik Buterin, however, responded to the post in an effort to clarify that obviously this isn’t always the case.

He continued by saying that “infrastructure” is a broad term that includes both potentially useful public services and what he called “realistically a zero-sum network effect grabbing game.”

Buterin thinks that certain infrastructures have received too much funding and have seen too much adoption. Some, on the other hand, aren’t loved at all and focus more on the needs of acceptance.

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