Crypto Market News: Sandeep Nailwal, the co-founder of Polygon, expressed his disappointment over the lack of high quality applications built on the blockchain space. He made the bearish comment over the lack of high quality and high user presence in blockchain based applications, in the context of expanding the web 3.0 further into the mainstream world. Acknowledging the power of layer blockchains Bitcoin and Ethereum, he said the craze around memecoins will not help the market’s bigger cause.
Speaking about the recent craze around memecoins like the Pepe Coin, Nailwal said the constant demand for memecoins is not a good sign 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 rise in demand for memecoins, the Polygon cofounder said memecoins don’t help the bigger cause, when asked about PEPE during a Twitter space. He, however, acknowledged that there was no doubt that Bitcoin and Ethereum are the bellwethers of the crypto industry.
“Not a good sign for crypto that institutions and investors see the rise of memecoins. Sad that memecoins keep coming and is not a good sign for the market in the eyes of investors and regulators.”
Nailwal also made a comment about the development space in blockchain. He said he was bearish about it as there are no real high quality applications in the blockchain space. Ideally, the applications should have capacity to handle 50 to 100 million users, he added.