Crypto exchanges are quickly adding meme coins to their listings to take advantage of the current craze, leading to concerns from key figures in the crypto community about irrational investor behavior.

Ki Young Ju, the head of the analytical blockchain startup CryptoQuant, has been vocal about the negative impact of meme coins on the crypto industry. According to CoinGecko data, the sector’s market capitalization has reached $47 billion, prompting Ju to caution that meme coins “harm the crypto industry.”

In a recent thread on Mar. 18, the CryptoQuant CEO expressed frustration over the rapid growth of meme coins, stating that it’s disappointing to see these billion-dollar meme coins overshadowing teams working hard to develop legitimate products for the industry. Ju drew parallels between meme coins and the “shitcoins” of the 2018 ICO boom, suggesting that raising investments through tokens lacked societal value and resembled gambling in a casino.

While some in the crypto community believe that meme coins have brought new investors and excitement to the space, potentially benefiting the industry by attracting more capital and attention, Ju remains skeptical. He emphasized that the meme coin craze could lead to a negative experience for newcomers to the industry.

Following Ju’s remarks, another meme coin called Slerf made headlines after its developer accidentally burned $10 million of investors’ funds. Despite this mishap, Slerf became the eighth meme coin by market capitalization, with a market valuation of $600 million.

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