Jupiter’s founder suggests that memecoins could serve as a gateway for attracting new Web3 users and an on-ramp for understanding the broader cryptocurrency landscape. According to Jonathan Oggiono, commonly known as “Were Meow,” Solana memecoins and similar tokens on other blockchain networks represent 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.

Memecoins are user-generated money

Memecoin Mania 2024

Meme tokens, especially on Solana (SOL) and Base, have gained significant attention in this year’s market uptrend, alongside institutional adoption such as spot Bitcoin ETFs. While skeptics scrutinize the so-called ‘casino behavior,’ users speculate on the memetic crypto market. Some traders have turned small investments into substantial gains, with some even making millions from early-stage memecoin investments.

In less than four months, one trader turned $6,758 into $4.2 million, a gain of 619x! He spent 2.13 ETH ($6,758) to buy 20.95 billion $Kendu from February 24 to March 1 and has held it until now, currently worth $4.2 million!

New Projects and Market Leaders

New projects such as Dogecoin (DOGE) and Shiba Inu (SHIB) have challenged market leaders from previous cycles. According to CoinGecko, new tokens like Dogwifhat (WIF), Brett (BRETT), Book of Meme (BOME), and Dog.Go.To.The.Moon (DOG) have broken into the top 10 memecoins by market cap within weeks to months of launching.

Diving into Web3

Oggiono also believes meme protocols are well-positioned to offer first contact with the broader Web3 ecosystem. Jupiter’s founder thinks memes can open a deeper understanding of crypto infrastructure, decentralized finance (DeFi), and even more niche sectors like real-world assets.

These remarks echo sentiments shared by Solana co-founder Raj Gokal at Consensus 2024. Gokal stated that crypto meme projects could “intuitively onboard users.”

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