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Memecoins are like a ‘risky casino’ — Andreessen Horowitz exec

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The memecoin frenzy in this bull market has seen explosive growth and hefty returns on tokens that are only a few days old.

The chief technology officer of VC firm Andreessen Horowitz said that memecoins are like risky casinos that deter real builders from the crypto ecosystem.

He added that these memecoins aren’t technically exciting or attractive to builders and alter how the public, regulators and entrepreneurs see crypto: For example, the Book of Memes token surged over 30,000% within a week of its launch and garnered a billion-dollar market cap before being listed on centralized exchanges.Similarly, another popular memecoin, Dogwifhat , which launched in November 2023, has risen to over $3 billion in market capitalization, placing it in the top three memecoins.

 

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