Memecoins
Vitalik Buterin unhappy with this cycle’s Meme Coins: here’s why
Vitalik Buterin, the co-founder of the Ethereum network, expressed his displeasure with celebrity coin experiments in this bull cycle.
According to a Tweeter According to the Canadian-Russian computer programmer, he would consider coin projects more honorable and respectable if they had a public purpose and were aimed in a better direction for specific causes.
The Celebrity Coin Craze
In recent weeks, several celebrities, including Olympian and media personality Caitlyn Jenner, American rappers Rich The Kid and Iggy Azalea, and Nigerian musician Davido, have launched meme coins in an attempt to capitalize on the craze for cryptography for these assets.
While some market participants made substantial sums from these coin launches, many users suffered massive losses that destroyed their investments within hours of purchasing the tokens.
Jenner’s creation JENNER saw a trader make millions from trade the Book of Memes token based on Solana lose 785 SOL worth approximately $133,400 in 24 hours. Similarly, many traders who invested in Davido’s DAVIDO found themselves in the red after the musician cashed out $474,000 by abandoning his tokens less than 24 hours after its launch.
Buterin objected to celebrities using meme coins to target financialization as their end product rather than as a means to a worthy end, such as health care and open source software. The Ethereum co-founder insisted that the Stoner Cats non-fungible token collection launched by American actors and couples Ashton Kutcher and Mila Kunis in 2021 was more honorable than any projects seen in this cycle because the objects of collection financed at least one show.
Honorable Coin Launch Meme
Highlighting an article that he wrote In March, discussing the potential of meme coins, Buterin outlined some characteristics that such projects must possess to be considered honorable and respectable. In addition to enriching early adopters and celebrities, Buterin said projects could have a public good goal tied to an art project or the celebrity’s favorite charity.
Additionally, they could be created to last at least a decade and have fun mechanics that go beyond commerce, like token-voting decentralized autonomous organizations.
“The North Star should be: have a project in which even if ultimately all the chips involved go to zero, the average person who participated is happy they did it. Regular businesses and charities achieve this goal all the time! The bar is low, but the things we build should also meet that bar,” the Ethereum co-founder. explain.