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Kain Warwick, the Australian founder of Synthetix and Infinex, said the current meme coin frenzy reminds him of the initial coin offering (ICO) craze of 2017-2018. In a detailed post on X (formerly Twitter), the crypto entrepreneur talked about how similar the two events are, trying to get investors’ attention about market conditions. Warwick pointed out that both trends, meme tokens and ICOs, came about because of structural inefficiencies in the industry—ICOs did well because of the high barriers of traditional fundraising, while meme coins have risen as a counter to venture capital (VC) manipulation in crypto funding rounds in 2021. In Warwick’s view, the problem isn’t the meme coins themselves but the lack of control over how they are launched, which leads to a space dominated by bad actors. ICOs, he recalls, were ultimately shut down by regulators, which prevented further damage but also stopped innovation. However, meme coins are unlikely to face the same regulatory crackdown, which makes a unique opportunity for self-regulation possible within the ecosystem. Related: Altcoins Revisit 2021 Rally Patterns; Market Eyes Next Breakout One of Warwick’s main worries is that important infrastructure in crypto is being taken over by bad actors. He described a recurring cycle in crypto history: He argues that with ICOs, paid influencers had a big part in pushing scam projects. Today, the same pattern is showing up with meme coins, where high-follower accounts are being paid to promote contract addresses (CAs), effectively running modern-day pump-and-dump schemes. Warwick thinks that self-regulation is the only way forward. He suggested that the crypto community—especially in the Solana ecosystem, where meme coins are very common—must tell the difference between real innovation and exploitative schemes. Related: Smaller Altcoins Are Grabbing Crypto Liquidity. Is This a New Market Power Play? He suggested a platform that can track market awareness and offer a structured environment for fairer launches. He mentioned Kaito as a potential candidate, even though he knows that the challenge is convincing influential figures to adopt better practices. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Former Tether CEO to debut rival, yield-bearing stablecoin on Ethereum and Solana: Bloomberg

Tether co-founder backs new stablecoin project on Ethereum $ETH and Solana $SOL Tether co-founder Reeve Collins is supporting a new stablecoin project set to launch on Ethereum and Solana later this year, according to Bloomberg cited by Wu Blockchain on X. The project will mint…

Circle mints $7.75B USDC on SOL this year According to on-chain analyst Onchain Lens on X, Circle has minted another $250 million USDC on Solana (SOL) within the last 24 hours, bringing the total USDC issuance on the network to $7.75 billion this year.

Altius Labs raises $11M Cryptocurrency startup Altius Labs recently raised $11 million in a pre-seed round. According to Bloomberg, the round was led by Founders Fund and Pantera, with participation from Archetype, DCG, Amber Group, Ethena Labs and the Solana Foundation.