The former CTO of Coinbase, Balaji Srinivasan, stated in a Twitter thread that memecoins, including the official memecoin of the second Donald Trump presidency, should be viewed as gambling. He argued that these tokens do not create wealth, as every buy order is matched by a sell order, leading to price crashes and loss for the last buyers. Balaji compared memecoins to a zero-sum lottery and suggested that they should be approached for entertainment purposes like gambling in Las Vegas. He distinguished bitcoin from memecoins, highlighting its use cases and long-standing presence in the market. The market interest in the official Trump memecoin has affected other memecoins, causing an 8% decline in the category's liquidity within the last 24 hours.



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