Blockstream chief executive Adam Back said efficient markets are finally pricing meme coins, smart contract tokens, and other 'air tokens' toward zero. He argued that many alternative cryptocurrencies lack lasting value and may struggle as market conditions tighten. Back also pointed to meme coins such as Dogecoin, Shiba Inu, and Pepe, which still trade actively despite long-term doubts.
Back said on X that he expected the efficient market hypothesis to push many altcoins toward '$0.' He added that he first made that forecast about a decade ago. According to him, it has taken longer than expected for markets to value these assets as he expected.
His remarks reopened a long-running split in crypto. Bitcoin supporters often say Bitcoin stands apart given its decentralized structure, fixed supply, strong security model, and long operating history. By contrast, many altcoins and meme coins face criticism as speculative assets with weaker foundations.
Back is also focused on meme coins, which often rise on online attention rather than revenue, protocol fees, or direct utility. These tokens can surge during risk-on periods. Yet they can also fall quickly when liquidity tightens.
Back’s comments arrived while Bitcoin held a large share of the overall crypto market. Bitcoin dominance hovered near 59%, keeping much investor capital in BTC rather than moving into smaller tokens. In such periods, traders often become more selective.
Historically, high Bitcoin dominance can pressure altcoins. Liquidity tends to flow toward assets that traders view as safer or more established. That pattern can leave alternative tokens with less room to rally.
Back said that many so-called air tokens still rely more on hype than on durable demand. He argued that efficient markets should eventually reflect that weakness. His view matched the broader Bitcoin maximalist argument that only a few digital assets have lasting economic value.
The market still supports major meme coins. The data showed the category with a market cap above $34 billion. Dogecoin, Shiba Inu, and Pepe led that group.
That market size did not settle the long-term debate. Instead, it showed that meme coins still attract active liquidity. Critics, however, continue to question whether that demand can last.
Back’s comments also landed as Dogecoin rose alongside Bitcoin on Sunday. DOGE gained more than 3% over the past 24 hours. On Stocktwits, retail sentiment stayed in the 'extremely bearish' zone, while chatter remained low.
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Veteran investor Jordi Visser also entered the discussion in an interview with Anthony Pompliano. He said Bitcoin could break out before the end of summer if Dogecoin, gold, and silver keep rising together. Visser described Dogecoin as a gauge for speculative liquidity returning to markets, while strength in gold and silver pointed to deeper macro stress.
Still, some analysts kept a cautious view. MNF Fund founder Michaël van de Poppe watched the $75,000 to $76,000 zone as critical Bitcoin support. He warned that a break below that area could send BTC toward $60,000 before a wider breakout forms.
Adam Back said efficient markets may be driving many altcoins and meme coins toward zero as Bitcoin dominance stays strong. He tied the view to weak long-term value and hype-led trading. Yet meme coins still hold active liquidity, while analysts remain cautious about Bitcoin’s next move.