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Ethereum cofounder Vitalik Buterin has spoken out against the ongoing trend of celebrities launching meme coin projects. According to the Ethereum innovator, he claims he is unhappy with "this cycle’s celebrity experimentation" so far.
Problem with celebrities and meme coins
While it is not uncommon to find celebrities getting mixed up with digital currency projects, the concerns come when, according to Buterin, the goal is direct monetization without any value added.
Godfrey BenjaminThe Ethereum cofounder said the narrative would be better if the end hinged on trends that help the greater good, like healthcare, open-source software and art, among others. While the intention of financialization as the final product is prevalent on Ethereum, the Solana ecosystem is also thriving in the wave of celebrities making their way onto the platform.
Buterin made reference to Ashton Kutcher and Mila Kunis's Stoner Cats Cartoon project as more honorable than anything the crypto industry has produced thus far this year.
Despite their no-value creation, many celebrity meme coins have recorded massive valuations in the days and weeks after their launch.
One of the most talked about at the moment is Iggy Azalea's controversial MOTHER token that has scored more than 2,000% in a matter of two days. MOTHER is the major reason why Vitalik Buterin shared his latest post. Riding on this, he gave three unique tips that will make him respect any celebrity token.
Buterin standard for celebrity meme coins
In order to avoid putting people in the dark, Vitalik Buterin said celebrity projects need to have some kind of public-good end goal that it is serving. He cited the example of a charity or art project that celebrities can base their meme coins on.
Vladislav SopovVitalik Buterin also pointed to the need to have fun mechanics beyond speculative trading. This, he noted that celebrities might need to incorporate a Decentralized Autonomous Organization (DAO) to show community strength. Ultimately, Buterin believes that meme coin projects from celebrities need to focus on building something that can last for at least 10 years, like Dogecoin, which has stood the test of time.
Mushumir Butt
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov
U.Today Editorial Team