The Solana community is clearly in the midst of a cultural shock as numerous celebrities are entering the space with meme token launches, which creates an unseen case for the space. Caitlyn Jenner, Iggy Azalea and more celebrities launched numerous tokens, some of which have already plummeted substantially, bringing losses to investors, which clearly disappoints the majority of the Solana community.
Through all this, we have three words, according to analyst Chris Burniske: “Just stake SOL.” Burniske, in his latest X post, gave clear articulation of his disinterest in celebrity coins, claiming that his interest is in the social dynamics at work, and what this means for the cryptocurrency space and broader society. Burniske’s position reflects a consensus among cryptocurrency veterans, who are moving towards fundamental value as opposed to simply a speculative frenzy.
To be clear: I don’t care about Iggy-coin and have no interest in speculating in any celebrity coin (just stake $SOL). What I do care about and will comment upon, are the social dynamics at play, and what it means for crypto and society at large.
— Chris Burniske (@cburniske) May 29, 2024
Burniske’s thoughts were accompanied by some questions from followers, one of which was directly related to the private and censorship-resistant store of value and medium of exchange, which have not found social meaning yet. Burniske replied to this by stating that blockchains, by having the financial incentives embedded, will distill assets in their purest form of value. This process, although unattractive for being glaring in its transparency, will bring the true value and character of these assets into the limelight.
Danger of meme tokens
The fact that the meme tokens collapsed in price all of a sudden is a clear example of the dangers of such investing when based more on celebrity endorsements than real technological support or community backing.
The advice by Burniske to stake SOL really hits and appeals to a group of people who deeply believe in the underlying technology and ecosystem of Solana in the long run.
