Founder of Jupiter: Memecoins are user-generated money

The Jupiter founder said memecoins could be a gateway to attracting new Web3 users en masse and an on-ramp to understanding the larger cryptocurrency stack.

According to Jonathan Oggiono, commonly known as “Were Meow”, Solana memecoins and similar tokens on other blockchain networks herald a new user value proposition paradigm.

“In the Web2 era, it was all about user-generated content. In the Web3 era, it’s all about user-generated money,” said Oggiono via a June 10 thread on X.

Memecoin mania 2024

Token memes, especially on Solana (GROUND) and Base, have all but taken center stage in this year’s market uptrend, alongside institutional adoption like spot Bitcoin ETFs.

While the skeptics scrutinize As part of so-called “casino behavior,” users speculate on the memetic crypto market. Some traders have turned a few dollars into hundreds of thousands of dollars; others have even made millions from early memecoin investments.

New projects like Dogecoin (DOGE) and Shiba Inu (SHIB) also challenged market leaders from previous cycles.

By CoinGecko, new tokens like Dogwifhat (Wireless), Brett (BRETT), Meme Book (BOMÉ), and Dog.Go.To.The.Moon (DOG) entered the top 10 memecoins by market capitalization within weeks or months of their launch.

Dive into Web3

Oggiono also felt that meme protocols are positioned to provide first contact with the broader web3 ecosystem. The Jupiter founder believes memes can unlock a deeper understanding of crypto infrastructure, decentralized finance (defi), and even more niche sectors like real-world assets.

The remarks echo sentiments shared by Raj Gokal, co-founder of Solana, during Consensus 2024. As reported by crypto.news, Gokal declared that crypto meme projects could “intuitively integrate users.”

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