Crypto Market News: Sandeep Nailwal, the co-founder of Polygon, expressed his disappointment in the lack of high-quality applications built in the blockchain space. He made the bearish comment about the lack of high quality and high user presence in blockchain-based applications, in the context of the expansion of the web 3.0 more in the mainstream world. Acknowledging the power of the layered Bitcoin and Ethereum blockchains, he said the memecoin craze will not help the market's most important cause.
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Speaking about the recent fad around memecoins like Pepe Coin, Nailwal said that the constant demand for memecoins does not bode well for the industry. This is not a good sign for the crypto market in the eyes of investors and regulators.
Sandeep Nailwal Disappointed With PEPE Coin Rise
Speaking about the recent increase in demand for memecoinsPolygon co-founder said memecoins don't help the bigger cause, when asked about PEPE during a Twitter space. However, he acknowledged that there was no doubt that Bitcoin and Ethereum are the benchmarks of the crypto industry.
โIt is not a good sign for cryptocurrencies that institutions and investors see the rise of memecoins. It is sad that memecoins keep coming and it does not bode well for the market in the eyes of investors and regulators.โ
Nailwal also made a comment about the blockchain development space. He said that he was bearish on this, as there are no real high-quality applications in the blockchain space. Ideally, the apps should be able to handle 50 million to 100 million users, he added.
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