Venture capital firm Andreessen Horowitz (a16z) recently announced that they have not allocated any funds from their latest $7 billion fundraising effort towards memecoins, citing concerns over their impact on the cryptocurrency sector's reputation. This stance has sparked a debate within the crypto community, with some criticizing a16z for dismissing the potential of memecoins, while others, including a16z executives, argue that memecoins portray the crypto market as a 'risky casino'. An a16z executive criticized memecoins for making the crypto sector appear like a risky casino.