As Mania Soars, Polygon Founder Considers Backing Memecoins

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Last Updated on December 27, 2023 by Bitfinsider

Despite the criticism memecoins have received in some financial circles for lacking utility, prominent examples such as DOGE and SHIB maintain a significant following, with new challengers appearing each year.

In recent weeks, this class of crypto assets has once again grabbed center stage, with new currencies launching and printing mouth-watering profits at a dizzying pace, capturing the attention of prominent opinion leaders and entrepreneurs in the industry looking to entice speculators.

In the most recent instance, Polygon co-founder Sandeep Nailwal has argued that there may be more to the memecoin phenomena that has perplexed even the most seasoned investors.

On Monday, December 25, Nailwal revealed in a long-form X post that he was starting to think of memecoins as fractionalized one-of-one profile photo (PFP) NFTs. The Polygon co-founder proposed this viewpoint while arguing that the current memecoin surge may differ from prior cycles, which were often concentrated on a single token.

According to Nailwal, such a reality is probable owing to younger generations’ preference for fun, speculative thrills, and community. “Being an Indian have always been very utility focused but being in crypto one can’t deny the power of Mimetics.,” he went on to say.

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