Home Coin news Ethereum Co-founder Slams Celebrity Memecoins

Ethereum Co-founder Slams Celebrity Memecoins

05 Jun, 2024 Coin news

Ethereum Co-founder Slams Celebrity Memecoins

The recent wave of celebrity-endorsed memecoins has left Vitalik Buterin, co-founder of Ethereum, feeling discontented.

He believes that the success of a project should be measured not by the token's financial value alone, but by the satisfaction and happiness of participants, even if the token loses all monetary worth.

On June 5, Buterin expressed on X that financialization should only be pursued if it contributes meaningfully to society by enhancing areas like healthcare, supporting open-source software, or fostering art and creativity.

This was in reaction to discussions surrounding Iggy Azalea’s Mother Iggy (MOTHER) token, which has been suggested as potentially leading this cycle of celebrity-driven cryptocurrency ventures into a realm of sustainable value creation.

Celebrity tokens are cryptocurrencies that capitalize on a celebrity's fame to attract investment and interest, often becoming part of the wider crypto ecosystem.

Buterin highlighted that projects like Ashton Kutcher and Mila Kunis’ Stoner Cats, which funded an actual entertainment show, are more commendable than the superficial nature of many 2024 celebrity memecoins.

He remarked: “At least Stoner Cats funded an actual show, whereas the memecoins lack substance and purpose.”

He outlined criteria for a celebrity crypto project to be considered respectable, emphasizing the importance of a clearly defined public benefit goal that transcends mere profit for the celebrity and early backers.

Buterin expressed a preference for celebrity token projects that demonstrate durability, ideally lasting over a decade, as opposed to those that only capture temporary attention.

He elaborated that a worthwhile celebrity token project should offer more than just trading opportunities; even though he is not a fan of token-voting decentralized autonomous organizations (DAOs), he acknowledged that they at least foster a sense of community and participation, giving members some influence without controlling the overall direction.

The MOTHER token was launched by Azalea on May 28, amid a broader trend of celebrity memecoins debuting on Solana.

Other celebrities like Caitlyn Jenner, rappers Soul Ja Boy and Rich The Kid, and adult content models Kazumi and Ivana Knöll have also recently introduced their own tokens.

Post-launch, some celebrities, including Azalea, have distanced themselves from entrepreneur Sahil Arora, refuting claims of his involvement following accusations of scams. Azalea confirmed on May 28 that her token's launch was not associated with Arora.

Additionally, Afro-pop star Davido's recent introduction of the DAVIDO meme token has faced scrutiny from the Nigerian crypto community, with some speculating about potential token dumps as part of the strategy.

Sources:

https://cointelegraph.com/news/vitalik-buterin-slams-celebrity-memecoins

https://x.com/VitalikButerin/status/1798293391144366184

https://x.com/VitalikButerin/status/1798290424622113230

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