- The Solana blockchain is booming with activity.
- Some users are launching racist memecoins.
- Rumors of psyop and sabotage swirl.
Solana’s network growth has exploded since the market flipped bullish in Q4 2023, culminating in more than 20,000 new coins being created daily. This frenetic pace of innovation has democratized access to blockchain assets like never before. While this effect has birthed smash hit projects like Dogwifhat and BOME, it has also taken a darker twist with the proliferation of bigoted memecoins recently.
Bigoted memecoins, such as slur-laden coin tickers and stereotyped imagery, are flooding Solana DEXs, highlighting the double-edged sword of decentralization principles like censorship resistance and permissionlessness. Yet, at the same time, racist memecoins should not be tolerated.
Is Solana Racist Now?
Trying to understand the rise of racist Solana memecoins, X user @trading_axe wondered whether these tokens align with Satoshi Nakamoto’s vision of total freedom prescribed under a truly decentralized system. He argued that the internet has become overly “serious” and lacking “flavor” compared to the early internet, an issue compounded by the “woke agenda.”
In @trading_axe’s view, the trend represents a backlash against the absurdity of wokeism and a cry for the return to pre-Google days. While doubting the likelihood of a bigoted token gaining serious traction, @trading_axe contended that their existence demonstrated a willingness to “burn money” to make a provocative point.
However, regardless of how racist memecoins are rationalized, there is no getting away from the bad optics foisted on Solana as a result. Recognizing this, “Ethereum Damien” considered whether this trend was a deliberate ploy by Base supporters to damage Solana’s reputation through offensive content.
As far-fetched as that seems, this sentiment was echoed by NameGames, who warned concerned Solana holders not to get taken in by the deception. “941” argued that while presenting a poor look, racist tokens emerged on Ethereum in 2017 before its massive rally, stating, “Let nothing shake uw out” from Solana.
Although it’s too early to determine where the Solana community goes from here, as demonstrated by the Pepe backlash in 2023, cryptocurrency communities wield the power to shape narratives around ethical transgressions.
Freedom of Expression
The 2023 Pepe incident, in which Coinbase was forced to retract and apologize for associating the meme with far-right groups, showcased cryptocurrency communities’ power. Despite its creator’s intentions, Pepe was increasingly co-opted by racist online subcultures. However, Coinbase’s attempt to document this faced fierce backlash, with #deletecoinbase trending as users defended Pepe’s broader harmless usage.
While Pepe’s creator could not stop fringe groups from adopting the imagery to spread hate, Solana’s racist memecoins represent a deliberate attempt to shock and stir bigotry from inception. This disturbing development was perhaps inevitable after anonymous individuals launched provocative memecoins overtly mocking reviled industry figures like Gary Gensler and Elizabeth Warren.
Whether regarded as an offensive social statement or pure profit-seeking, the proliferation of bigoted tokens undermines blockchain’s credibility. It gives no-coiners yet another excuse not to get on board.
On the Flipside
- Memecoins generally lack fundamentals, making them a high-risk trade.
- This dynamic is magnified by racist memecoins, which are highly likely to be pump-and-dumps or rug pulls in the making.
- Some racist memecoins have exploded in price.
Why This Matters
Racist Solana memecoins lay bare the paradoxical relationship between decentralized technologies and societal norms. Blockchain offers a neutral base pliable to anyone who chooses to build on the tech, whether to solve real-world financial problems or express bigoted ideologies. This underscores that true decentralization comes at a price.
Find out more on Solana memecoins post significant losses amid the wider market downturn:
Solana Memecoins Drop Across the Board: Is the Party Over?
Kyle Davis holds firm in refusing to apologize despite media backlash. Read more here:
3AC’s Kyle Davis Defiant: No Apologies, Despite Media Backlash
