Memecoins
Ethereum’s Buterin Slams Celebrity Memecoins, Calls for Targeted Innovation
Vitalik Buterin, co-founder of Ethereum. Image: Michael Ciaglo via Getty Images
Ethereum co-founder Vitalik Buterin has criticized the rise of celebrity-backed memecoins, calling for a transition to cryptocurrencies with substantial long-term goals.
Addressing the crypto community via tweets on Wednesday, Buterin said a crypto project needs to “have some sort of public good goal” rather than enriching celebrities.
It suggests that while financialization is laudable when aligned with noble causes, many celebrity-led tokens appear to prioritize immediate financial returns over meaningful goals.
Buterin’s comments come amid a wave of celebrity-promoted memecoins, which he says lack a clear purpose or vision for the future.
One of the most popular celebrity memecoins launched recently belongs to Iggy Azalea, an Australian rapper who recently launched the “MOTHER” token.
The token has a market capitalization of over US$135 million, as of 2:30 a.m. ET, according to DEXTools.
Azalea says her project will be used to cure koalas of chlamydia, a major threat to the endangered animal’s population.
Some suspected scammers have taken advantage of the celebrity memecoin boom to launch suspicious projects bearing a celebrity’s name.