Polygon Co-Founder Mulls Support for Memecoins Amid Soaring Popularity

Polygon co-founder Sandeep Nailwal is mulling likely support for memecoins amidst a recent rally and the growing popularity of the asset class.

Polygon Co-Founder Intrigued by Memecoin Frenzy

In the last few weeks, memecoins have gained traction with a sudden positive momentum that has made many of them reach unprecedentedly high price levels. Nailwal took to the X app to probe this recent frenzy amongst memecoin: 

“Can memecoins be thought of as fractionalized 1/1 PFP collections?” He asked rhetorically.

The Polygon co-founder’s goal is to understand if there is a larger phenomenon or big picture for the current memecoin rally or if it’s just the same memecoin mania as before which usually goes and returns after about 5-6 months. The Polygon founder pointed out that whenever such a rally happens, it always has a particular coin at the center. 

Sometimes it is Dogecoin (DOGE), Shiba Inu (SHIB), Pepecoin (PEPE), or even Memecoin (MEME). It is worth noting that the last memecoin frenzy which happened sometime around May seemed to have focused on PEPE, the frog–themed memecoin giant. 

However, Nailwal believes that things are different this time around. He cited the presence of a flurry of memecoins similar to what was seen for Picture-for-Profile (PFP) collections.

Memecoins May be the Next PFP Collection

For context, the so-called PFP collection was disregarded by many entities on the premise that they have little or no utility. Much to the disappointment of these “smart” people, the PFP market kept growing. Nailwal suspected that this might be the case with memecoin. This led to another question from the Polygon executive: What if we are going to have 1000s of fairly popular memecoins? 

So far, some memecoins like SPEPE, GONE, and even PolyDoge, built on the Polygon network have caught the excitement. In the case of the PFP collection, Polygon jumped on the train but it was quite late. At the same time, this did not prevent the blockchain from bagging some gains especially as the PFP NFTs kept performing well.

In conclusion, Nailwal gave an open invitation to developers who are currently building a memecoin, asking them to explain their story and concept behind the token in addition to stating why it would have a large community and possibly, Polygon might consider supporting as Nailwal claims other chains have been doing so far.