Solana
From YouTube to Crypto: Steve Chen Backs Solana-Based Memecoin, Here’s What You Need to Know
Popular YouTube co-founder Steve Chen is currently in the spotlight as he revealed his support for the new Meme piece based on Solana Pajamas (PAJAMAS), inspired by her beloved cat. The move marks a significant foray by Chen into the cryptocurrency landscape, signaling a shift from his previous focus on video technology to the ever-evolving digital currency market.
Chen supports Solana-based Memecoin Pajamas
According to trading platform TOBTC, YouTube co-founder Steve Chen is backing Pajamas, a meme coin built on the Blockchain Solana. This project, inspired by one of the first cat videos posted on YouTube in 2005, is currently valued at more than $20 million since its launch in mid-March.
As the community recognized the nostalgia for times gone by and the need to immortalize them, the token gained popularity as a story of how The First YouTube Cat came to be.
The trading platform then drew attention to Chen’s post in which he first revealed his support for memecoin. Apparently, the meme coin is not the only digital asset currently owned by the YouTube co-founder.
By endorsing this meme coin, Chen is driving broader adoption of Solana’s scalable blockchain infrastructure and using its platform to strengthen Pajamas in the cutthroat cryptocurrency market.
This approval is expected to attract an influx of new investors and traders to Pajamas as well as the larger Solana community, which reflects the growing trend of well-known tech figures embracing cryptocurrency innovations.
TOBTC also noted that Chen’s initial upload of his cat Pajamas served as inspiration for the Solana-based memecoin. THE videowhich was first seen almost 20 years ago, featured the co-founder’s cat dancing to a Nick Drake song.
“This is my cat, Pajamas, playing and dancing to the tune of Nick Drake,” Chen wrote in the video’s description. Even though Pajamas died the same year, the project still aims to celebrate the cat.
Chen revealed his commitment to supporting the memecoin project since its launch. He said he supports Pajamas by volunteering about 80 to 100 hours of his time each week.
Steve Chen’s path in the crypto space
It is important to note that Steve Chen became a supporter of Pajamas and crypto after community engagement, along with his other technology-related investments and endeavors. He was prompted to invest in the meme coin after receiving over a hundred X (formerly Twitter) tags from users.
Chen highlighted the lack of trust he has observed since becoming involved in the cryptocurrency industry. According to the co-founder, at least one person always warns him against meeting or talking with a crucial or powerful figure in the world. Web3 world he wants to meet. “Every day on Telegram, at least 25+ new people try to find a way to steal my money,” he added.
Featured image of Adobe Stock, chart from Tradingview.com