Neiro community lead S called memecoins “the most attractive segment" in crypto, while Xion CEO Anthony Anzalone claimed they destroy crypto’s reputation.

Members of the crypto community expressed conflicting views of the memecoin surge, with some celebrating the market’s rise and others calling it a regression. 

The memecoin sector surged to $72 billion in July, up 29% from a $55 billion market cap on June 30. Behind the rally was a mix of memecoin presale hype, community momentum and a new memecoin launchpad gaining traction on Solana. 

On Friday, the memecoin market cap surged further, peaking at $79 billion. This represented a 43% surge from its valuation at the end of June. At the time of writing, the memecoin market cap had dropped slightly to $78.81 billion. 

While retail investors are eager to ride the wave and the numbers are eye-catching, industry leaders are divided over what the memecoin resurgence means for the broader crypto ecosystem.