The phenomenon of memecoins is and remains an elusive development for most people. Dogecoin, Shiba Inu, PEPE and you name them all. Each one is a coin with no underlying value, all based on a joke (or meme). However, Avalanche founder Emin Gün Sirer believes in the usefulness and added value of memecoins.

What is the added value of memecoins?

According to Sirer, memecoins are primarily important to the ecosystem because they bring new users to Bitcoin and crypto.

Apparently coins like Dogecoin and Shiba Inu are a reason for many people to buy a cryptocurrency for the first time. The funny thing is that it used to be the other way around.

In the past, people often first bought a little Bitcoin, then fell for the marketing stories of all kinds of altcoins, and then returned to Bitcoin after one or two cycles.

Now, according to Sirer, memecoins function as a gateway to Bitcoin and the rest of the crypto world.

‘I was also critical of Dogecoin and Shiba Inu’

The brain behind Avalanche admits that he was also critical of projects like Dogecoin and Shiba Inu. “As someone with fairly conservative views on investing and someone who has been around for years, I have often been critical of Dogecoin and Shiba Inu.

But after a while I started to realize that memecoins serve a purpose. A goal that is not immediately clear to boomers,” says Sirer.

So he believes it can introduce people to the technology for the first time and show them how everything works. If they are still interested afterwards, there is a chance that they will also take a look at other projects.

Of course he has an interesting point there. You don’t have to agree with memecoins to accept that in theory it can also bring people to Bitcoin. Although many Bitcoiners say that these types of coins are a distraction from what really matters.

The truth will undoubtedly lie somewhere in the middle.

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