Vitalik Buterin criticizes famous memecoins
Vitalik Buterin is not satisfied with the recent release of famous memecoin. The co-founder of Ethereum believes that the goal of a project should be that even if the tokens are eventually worthless, the average participant should still be satisfied and happy.
In a June 5 X post, Buterin said that only if finance serves a purpose that brings value to society, such as improving healthcare, supporting open source software, and promoting art and innovation.
His statement was in response to a post by Iggy Azalea's Mother Iggy (Mother) token about this cycle's celebrity attempt to mother the potential for lasting value.
Celebrity tokens are digital assets or cryptocurrencies created and endorsed by celebrities. They use celebrity popularity to drive interest and investment, often integrating with the wider cryptocurrency ecosystem.
Buterin's “must have” list
Buterin explains that Ashton Kutcher and Mila Kunis' Stoner Cats project is far more prestigious than the celebrity memecoin trend of 2024. He said: “At least stoner cats funded a proper show, but memecoins have no form or purpose.
Related: Iggy Azalea distances herself from $300k memecoin scam
Ethereum's founder offers a list of features that a celebrity crypto project should earn its respect. Buterin, who is part of the list, said the project should have a clear public benefit goal beyond enriching celebrities and early investors.
As for celebrity token projects, Buterin said he prefers long-lived ones, ideally lasting more than 10 years, rather than ones that gain temporary popularity for a few months and are then forgotten. He said he values sustainable and long-term projects over short-term trends.
Related: Famous memecoin promoter Sahil Arora banned by X
Buterin explains that celebrity branding should include engaging features beyond simple marketing. Although token-voting does not like decentralized autonomous organizations (DAOs), at least they provide activities and community to people, and the DAO should not ultimately lead the agenda, but it should have some influence.
Popular memecoins
Azalea launched the Mom Token on May 28, continuing weeks of celebrity memecoins launching on Solana. Caitlyn Jenner, rappers Soul Ja Boy and Rich The Kid, and adult content models Kazumi and Ivana Knoll have also recently issued tokens.
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Some of these celebrities filed complaints after the election that they were cheated by entrepreneur Sahil Arora. In response, Arora said he did nothing wrong with the token launches. Azalea said its token launch on May 28 had nothing to do with Aurora.
Afro-pop star Davido's newly launched meme token, DAVIDO, has also drawn criticism from the Nigerian crypto community. Some community members speculated that a token dump might be part of the plan.
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