Years ago, Vitalik Buterin envisioned what memecoins should represent: public goods, charity work, and medical and scientific research funding. A scenario where people who believed in a cause, such as AIDS cure, can buy and trade an AIDS memecoin.

The turn of events has clearly strayed from the intended goal of memecoins. Right now, the crypto space is witnessing an inundation of memecoins with non-existent utility from anonymous creators.

Memecoins with funny and ridiculous names, whose holders or farmers(as popularly known) hide behind faceless X, discord, and telegram accounts, to promote these coins like some sort of pyramid scheme.

Over time we've seen people clamor to buy specific memecoins because popular people promoted it. Yet again, most are left a little poorer than they were.

Vitalik, while expressing his displeasure and concern over the memecoins surge, said "I have zero enthusiasm for coins named after totalitarian political movements, scams, rugpulls or anything that feels exciting in month N but leaves everyone upset in month N+1."

In this bull run, Solana blockchain low fees and high throughput have made it home for most memecoins. A Few days ago, there was an outburst of reactions from community members regarding newly launched memecoins with racist and derogatory names.

Here are a few reactions from X users👇

Is it over for us?
Is the memecoin movement far too gone to retrace back to the vision board?

Nonetheless, there are few memecoins linked to protocols and real applications making positive contributions to the crypto space, and are deserving of support and commitments.

Vitalik affirmed that he would like to see more quality and fun memecoins projects with profitable and good initiatives, such as donating to charity or even creating fun and exciting games—not just fixated on increasing the zeros on the creators' and holders' bank accounts.

At the end of the bull run, will memecoins holders be left rich or rekt?

Hopefully, the rekt holders will be happy to announce their losses, and as per usual, lessons will not be learnt.