Meme Coins Are Causing 'Damage' to Crypto, Says Andreessen Horowitz Exec

Andreessen Horowitz (a16z) CTO Eddy Lazzarin argues that meme coins are a "risky casino" that damage crypto's long-term prospects, affecting adoption, regulation, laws, and builder behavior. In a April 24, 2024 post on Twitter (X), he said that meme coins distract from building new networks and give regulators reasons to pass harsher rules. Tokens such as Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME) have recently posted large returns. Jesse Walden, founder of the crypto VC firm Variant, disagreed, saying meme coins offer only volatility and entertainment and do less damage than claimed.