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Vitalik Buterin Unveils Key Remedies To Fix Celebrity-backed Meme Coin Mess – Crypto News

Published

1 year ago

June 5, 2024

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Ethereum co-founder Vitalik Buterin has voiced his concerns about the recent wave of celebrity-backed meme coins, highlighting the need for more meaningful projects in the crypto space. His comments come in the wake of the launch of Mother Iggy (MOTHER) by Australian rapper and model Iggy Azalea, which has sparked considerable debate and interest in the crypto community.

Vitalik Buterin Shares Vision For Meaningful Crypto Projects

Vitalik Buterin expressed his dissatisfaction with the trend of celebrity-backed meme coins. Notably, in a recent X post, he highlighted that while financialization can be respectable when it serves a meaningful end, the current trend seems to lack substance.

“Financialization as a means toward an end is respectable….if the end is worthy,” the Ethereum co-founder said, while that financialization as the final product is woeful. Besides, he contrasted the current trend with past projects like Ashton Kutcher and Mila Kunis’s Stoner Cats, which funded an actual show.

Meanwhile, Vitalik Buterin emphasized the need for cryptocurrency projects to have lasting value beyond mere token trading. He outlined several features that could improve the respectability of celebrity-backed crypto projects, which include several factors like a good aim for the public, engaging activities, and finally, the longevity of the projects.

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A Closer Look Into His Comments

Meanwhile, the recent discussion stems from a comment from Chris Burniske, co-founder of the venture firm Placeholder, where he talked about the recently launched meme coin Mother Iggy (MOTHER) by Australian rapper and model Iggy Azalea. In his comment, Burniske said that if MOTHER can create any sustainable value, it could be the “mother” of the celebrity meme coins.

However, commenting on that, Vitalik Buterin emphasized the following aspects that the celebrity projects should focus on:

Public Good Goal: Projects should serve a public good beyond enriching celebrities and early adopters. This could be an art project or a charitable cause.

Engaging Mechanics: Beyond trading, projects should offer engaging activities, such as token voting DAOs, Vitalik Buterin said. These activities should allow participants to have a meaningful impact.

Longevity: The meme coin Projects should aim to last over ten years, rather than being forgotten after a few months. The goal should be to create value that endures even if the token value drops to zero.

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