Ethereum co-founder Vitalik Buterin recently expressed disapproval of the trend of celebrities creating memecoins in the crypto market. He believes that these tokens lack practical utility and should serve a greater purpose beyond enriching celebrities and early adopters. Buterin emphasized that the primary goal of any project should be to provide a sense of accomplishment or satisfaction to participants.
Buterin provided a set of criteria that celebrity crypto projects should meet to earn his respect. These assets should serve a public good, feature engaging mechanics like DAO activities, and be designed to last more than ten years. He highlighted Ashton Kutcher and Mila Kunis’ Stoner Cats NFT collection as an example of a celebrity project that funded an actual show and was more honorable than other memecoins launched this year.
In recent weeks, celebrity memecoins have become popular in the crypto industry, with stars like Caitlyn Jenner, Iggy Azalea, and Davido launching tokens via the Solana-based Pump Fun application. While the results of these projects have been mixed, early traders have benefited significantly from them. For example, an address associated with Davido made a profit of over $470,000 in just 11 hours. Iggy Azalea’s Mother Iggy token has also seen significant gains, soaring around 500% over the last seven days.
In conclusion, Vitalik Buterin believes that celebrity memecoins should have a greater purpose beyond simply enriching celebrities. He urges these projects to serve a public good, feature engaging mechanics, and have a long-term vision. While celebrity memecoins have gained popularity in recent weeks, the focus should be on creating sustainable projects that provide value to participants and the broader community.
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