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Home»ADOPTION NEWS»Uphold CEO Says Mimecoin Explosion Is a Worrisome Trend of Cryptocurrency ‘Depreciation’
ADOPTION NEWS

Uphold CEO Says Mimecoin Explosion Is a Worrisome Trend of Cryptocurrency ‘Depreciation’

By Crypto FlexsSeptember 4, 20243 Mins Read
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Uphold CEO Says Mimecoin Explosion Is a Worrisome Trend of Cryptocurrency ‘Depreciation’
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Token Project • September 4, 2024 1:51 PM EDT

Posted 1 minute earlier ~ in

Uphold CEO Simon McLoughlin has taken a hard-line stance on the long-term prospects for digital assets, but he finds the “fraudulent nature of certain segments” of cryptocurrencies disappointing.

And for McLaughlin, the Mimecoin explosion is the biggest topic of conversation.

“It’s depressing that we’ve reached a point where 7,000 new mimecoins are being created every day,” he told The Block in a recent interview. “This AI-driven mimecoin creation… is just going to devalue and destroy the entire segment.”

Popular Mimecoin creation launchpad Pump.fun has earned $100 million in cumulative revenue from over 1 million Mimecoins created using the platform since its launch in January. At that rate, over 4,500 new Mimecoins are created using the platform every day on average. Pump.fun makes it easy for people to create Mimecoins on Solana, and it’s cheaper than many other blockchains.

Despite McLaughlin’s belief that there is a low barrier to entry for creating Mimecoins, Uphold offers its clients a way to capitalize on the Mimecoin craze. Meme BasketThe Uphold app allows customers to invest in a “curated selection of popular Mimecoins,” including top tokens such as: viceroy

+0.70%
Floki, Pepe, and Bonk.

“We are very picky about what we register,” McLaughlin said.

According to McLaughlin, who took over as CEO in 2022, Uphold has about 12 million total users. The trading platform launched in 2015 and currently serves customers in more than 14 countries.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

RT Watson is a senior reporter at The Block, covering a wide range of topics including corporate America, blockchain gaming, and NFTs. Previously, he covered entertainment at The Wall Street Journal, writing about Disney, Netflix, Warner Bros., and the creator economy, with a focus on technological disruption across media. Prior to that, he covered corporate, economic, and political news in Brazil at Bloomberg. RT has interviewed a wide range of people, including CEOs, media moguls, major influencers, politicians, blue-collar workers, drug dealers, and convicted criminals. He holds a Master’s degree in Digital Sociology.

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