Adam Back has once again criticized altcoins and memecoins, saying the crypto market may finally be starting to recognize that many of these assets have little long-term value.
In a post on X, Back said he expected the “efficient market hypothesis” to eventually push many altcoins and memecoins close to zero value. He added that he made a similar prediction nearly 10 years ago and was surprised it took markets this long to catch up.
The efficient market hypothesis is the idea that asset prices eventually reflect all available information. Back used this argument to claim that many crypto tokens without strong utility, revenue, or long-term demand may struggle to survive over time.
His comments reflect a common view among many Bitcoin supporters, who believe Bitcoin stands apart from other digital assets because of its fixed supply, security, decentralization, and long market history.
The remarks come at a time when Bitcoin continues dominating the broader crypto market. Bitcoin’s market dominance has remained near 59%, showing that investors are still concentrating much of their capital in BTC instead of moving heavily into altcoins.
High Bitcoin dominance often makes it harder for smaller cryptocurrencies to sustain strong rallies, as money tends to stay focused on Bitcoin during uncertain market conditions.
Reports also show that many altcoins remain under pressure. Nearly 40% of alternative cryptocurrencies were recently trading close to their all-time lows, highlighting weaker investor appetite outside the largest digital assets.
Back specifically targeted memecoins, which are often driven more by internet trends and social media hype than by practical utility or long-term business models.
Although memecoins such as Dogecoin, Shiba Inu, and Pepe still maintain large communities and billions of dollars in market value, critics argue that many of these projects lack sustainable long-term demand.
Analysts say a broader altcoin recovery would likely require Bitcoin dominance to decline, market confidence to improve, and investors to become more willing to take risks again.
Until then, many traders may continue favoring Bitcoin and a smaller group of major crypto assets over speculative altcoins and memecoins.
