Exchanges Enter an Endless Memecoin Cycle

As the head of a Bitcoin-only financial institution, Leishman warns that exchanges listing altcoins are signing up for an endless cycle of memecoins.

In a March 29 X post, Leishman stated:

“The minute an exchange adds one non-Bitcoin token, they are signing up to be on the forever hamster wheel of memecoins. If you list ETH, you must list the tokens issued on ETH. The same goes for Solana.”

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River Financial operates solely on Bitcoin trading, much like Swan Bitcoin, Bull Bitcoin, and Bisq, which also follow a BTC-only approach.

Do Memecoins Undermine Crypto’s Vision?

Leishman argues that multi-asset trading platforms prioritize short-term speculation over long-term wealth accumulation:

“The casino business model is built around maximal extraction from customers, while the Bitcoin-only model is focused on helping people build long-term wealth.”

This sentiment was echoed even during the memecoin boom of early 2024. A16z’s Chief Technology Officer Eddy Lazzarin had previously criticized memecoins for hindering crypto’s long-term vision.

Memecoin Market Sees Sharp Decline

The memecoin market cap has dropped 49% since January 1, 2025, reaching $48.49 billion, according to CoinMarketCap.

Despite their volatility, altcoins have proven to be highly profitable for exchanges. For example, Robinhood reported a 700% year-over-year increase in Q4 2024 crypto revenue.

CoinGecko co-founder Bobby Ong speculates that the memecoin market may follow an extreme power law, where 99.99% of them fail, and only a few rise to the top.

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