Helius Labs CEO Defends Solana Amid Criticism Over Meme Coin Frenzy

Solana has been criticized by critics who claim it is a breeding grounds for speculative securities.

Helius Labs’ CEO Mert mumtaz claims that Helius Labs is unfairly being blamed for the trends seen across networks.

Meme Coin Scourge

Solana’s recent activity surge has been largely attributed to his sudden surge. fueled by meme coinsOfficial Trump’s (TRUMP) Melania meme (MELANIA), and Melania meme by U.S. Donald Trump.

Some critics are concerned that after bad experiences, in which retail traders have been liquidated due to insider trading resulting from pumps and dumps, they may be hesitant about using these tokens. labeled Solana “the worst thing to happen” Digital Assets:

Hayden Davis, a crypto-trader, launched LIBRA just days before, which was boosted by the apparent support of President Javier Milei, president of Argentina, propelling its value to $4 billion.

Milei later revoked his endorsement of the coin, which caused its value to plummet by 90% and cost investors a lot of money. On-chain data revealed Davis: Insiders reap huge profits admitting In an interview, he said that he had more than 100 million dollars from the LIBRA launch.

Some observers made the situation worse. accused Jupiter, Meteora and other platforms built around Solana are accused of involvement in LIBRA. Meteora founder Ben Chow was shocked by the allegations. step downAn independent firm has been contracted to conduct an investigation of the claim.

Mert Mumtaz Reacts to Critics

Mumtaz has weighed into the debate and accused detractors of trying to tarnish the chain’s ecosystem because of the bad actions of some individuals.

“You framed thousands of honest builders for the actions of a few scumbags, wrote Mumtaz on X. “He added, “The builders will continue building and criminals are going to be punished.”

Another postHe emphasized the challenges in managing a distributed network such as Solana. There are many more thieves than builders.

“In every industry, value creators are outnumbered by value extractors.”

Software developer Solana also denied claims that he is the sole creator of software. “meme coin casino,” Among the many innovations in the Blockchain, we highlight the decentralized GPU render, the tokenized real-estate, the confidential payments and the on-chain governance.

“Interesingly, this does not interest the loudest people on twitter as much as coins,” He said “but they do exist.”

It isn’t just Solana who has been criticised. During 2017’s ICO boom, Ethereum also faced a backlash when it became clear that at the very least 80% were scams. BitConnect was the largest, stealing $2.6 Billion from investors.