Memecoins
“How can we push things in a better direction?”
Ethereum Co-Founder Vitalik Buterin Responds to Celebrity Memecoins: “How Can We Push Things in a Better Direction?”
When Vitalik Buterin helped found Ethereum in 2013, he envisioned using the platform and blockchain technology as a force for good. He envisioned the Internet as a means to increase social well-being and provide users with access to valuable projects. It makes sense, then, that Buterin criticized the meme coin craze that has taken over the crypto community in 2024. Buterin said he is not a fan of the meme coin frenzy and prefers the community to push “things in one direction improve”.
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Buterin’s comments were in response to a post on X regarding the Mother Iggy (MOTHER) token, a project centered around rapper Iggy Azalea. “If $MOTHER can create sustainable value, it will also be the mother of this cycle’s celebrity experimentation,” said Chris Burniske on X.
The co-founder of Ethereum he answeredstating that he “felt quite dissatisfied with [sic] “this cycle of celebrity experimentation” so far,” and that can respect the means “if the end is worthy (healthcare, open source software, art, etc.).”
Buterin claims that the creators of these tokens use celebrity names to attract investors while providing little value in return. He argues that this practice diverts funds from more useful projects and contradicts his original vision for Ethereum.
Celebrity memecoins have recently become popular among cryptocurrency investors. Tokens centered on celebrities like Donald Trump, Caitlyn Jenner and Elon Musk have attracted billions in investment without providing much value.
While most of these meme projects are antithetical to Buterin’s grand vision for Ethereum, he mentioned one project that used his funds to add value, albeit not on the scale he was hoping for.
“Ashton and Mila’s Stoner Cats was far more honorable than anything we’ve seen in the celebrity memecoin era of 2024 — at least there was a real show funded,” Buterin noted. The Stoner Cats project involved an NFT collection, which funded an animated show. The project raised enough to hire Mila Kunis, Ashton Kutcher, Chris Rock and Buterin himself as voice actors.
Stoner Cats is an example of how crypto project funds can create valuable content. However, the SEC sued Stoner Cats over its NFT offering, resulting in a $1 million civil penalty.
With many projects aiming to raise nominal prices or make a quick buck, Buterin asks, “How can we push things in a better direction?” It will be interesting to see how the projects respond to his call.
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This article Ethereum Co-Founder Vitalik Buterin Responds to Celebrity Memecoins: “How Can We Push Things in a Better Direction?” originally appeared on Benzinga.com
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