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Memecoins 1) are incredibly stupid 2) distract attention and capital from actual innovation in the space 3) further stigmatize the space 4) give anti-crypto legislators more ammo to clamp down on the space in the name of investor protection. But gamble away degens.
NEW: Just weeks after donning laser eyes on their profile picture in honor of issuing a #Bitcoin ETF, Franklin Templeton releases report on meme coins that “have no inherent value or utility” 👀😮 https://t.co/txcT9rpAc3
"memecoins are a net negative for the industry" https://t.co/bo1yK7CZn6
Franklin Templeton's Digital Assets arm, FTI_DA, releases a paper stating that memecoins like $BONK have a strong relationship with their native networks, particularly Solana. The firm notes that memecoins lack intrinsic value or utility but could offer opportunities for rapid gains. Despite this, memecoins display a strong correlation with the growth of user wallets on underlying blockchains, according to FTI_DA. The rise in memecoin trading activity coincides with an increase in active addresses on various blockchain networks, as reported by Franklin Templeton's Digital Assets team.