Memecoins
Vitalik is not impressed by celebrity memecoins. Here’s how they should change – DL News
- Memecoins are good, as long as everyone is happy, says Vitalik.
- Celebrities like Donald Trump and Caitlyn Jenner have been linked to joke pieces.
- Memecoins generated over $6.9 billion in trading volume over the past 24 hours.
Vitalik Buterin says he’s far from happy with the latest round of celebrity tokens, but that doesn’t mean the $69 billion market is useless.
It just needs new direction.
“The north star should be: having a project in which even if ultimately all the tokens involved go to zero, the average person who participated is happy they did it,” the Ethereum co-founder. wrote on X, previously Twitter.
Memecoins represent a combined market value of $68.6 billion, and generated over $6.5 billion in transactions in the last 24 hours alone.
Buterin said celebrity memecoins must have “some sort of public good purpose that they serve, other than the enrichment of the celebrity and early adopters.” In reality, either an art project, the celebrity’s favorite charity, or both.
He said the 2021 NFT-powered animated series Stoner Cats from Ashton Kutcher and Mila Kunis was “much more honorable” than other memecoins launched by celebrities this year.
The show’s feline stars’ non-fungible tokens were sold to raise money to produce the series. In 2023, the Securities and Exchange Commission accused the creators of the project by offering unrecorded titles.
The second factor determining whether the Ethereum co-founder can respect memecoins is whether they allow users to do anything other than trade the token.
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“As much as I don’t like token voting DAOs, at least they give people something to do and organize,” Buterin said. “The DAO should not entirely decide the agenda, but it can have some influence.”
Decentralized autonomous organizations are communities that run many crypto projects.
A quick summary of the features a celebrity crypto project must have for me to be more willing to respect it:
1. Have some sort of public good purpose that it serves, other than celebrity and early adopter enrichment. In reality, either an artistic project or the…
– vitalik.eth (@VitalikButerin) June 5, 2024
The third factor?
Whether it lasts or not.
“Do something that lasts for more than 10 years, rather than bubbling away for a few months and then being forgotten,” Vitalik said.
Memes all the way down
Buterin’s comments are testimonials that are officially or unofficially linked to famous people like Donald Trump And Caitlyn Jenner have been leading the current crypto bull run.
Australian rapper Iggy Azalea launched a token on Solana in May. Since its launch, the token has increased by over 520% to $0.1073, according to CoinGecko.
Market observers expect the current memecoin frenzy to drive Solana – the blockchain that many of these joke coins trade – to record highs this year.
However, reaching new heights and making celebrities richer isn’t enough to reach Buterin’s memecoiner-y high bar.
Crypto market players
- Bitcoin rose 3% in the last 24 hours to $70,940.
- Ethereum is up 1.1% at $3,800.
What we read
Eric Johansson is the editor-in-chief of DL News. Do you have any advice? Send him an email to eric@dlnews.com.