In a recent call to action, Ethereum co-founder Vitalik Buterin critiques the "overtly racist" nature of some meme coins while advocating for a new wave of high-quality, enjoyable projects.
With an emphasis on utility and contributions to charitable causes, Buterin's vision for the future of meme coins promises a shift towards meaningful engagement and support for public goods.
Discover how this pivotal figure in the cryptocurrency world is inspiring change and what this means for the future of meme coins.
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The Issue with Some Meme Coins Being "Overtly Racist"
On March 29, 2024, Ethereum (ETH) co-founder Vitalik Buterin published an article focusing on the cryptocurrency industry's current fascination with meme coins, revealing his desire for "higher quality meme coins."
Meme coins are a type of cryptocurrency inspired by widely loved internet jokes (memes), with some achieving significant price increases of over 100 times their value.
As of the time of writing, meme coins like "DOGE, SHIB, WIF, PEPE, FLOKI, BONK" dominate the market capitalization rankings. Recently, the price surge of meme coins based on Solana has also garnered attention.
However, Buterin pointed out in his article that "several Solana-based meme coins have become overtly racist."
Furthermore, Buterin mentioned, "Many meme coins that are not racist seem to only fluctuate in price without bringing any real value," emphasizing the importance of utility.
Vitalik Buterin's Interest in Meme Coins
Contributing to Charitable Causes with Meme Coins
In the article, Buterin highlighted coins that dedicate a significant portion of their token supply or ongoing fee mechanisms to charitable activities as particularly interesting.
He mentioned "GiveWell Inu" and "Fable of the Dragon Tyrant" as projects that have engaged in charity-related efforts. However, he also noted that these projects are not without their flaws; the former appears to no longer be maintained, and the latter has some very problematic core community members.
The Importance of Providing Enjoyable Games
Buterin also expressed that if one wants to offer enjoyment through meme coins, instead of creating simple copy & paste coins, it would be better to develop meaningful and enjoyable games.
He proposed combining charity coins with games, where successful players could vote on which charity organization the generated funds should be distributed to.
The Ideal: High-Quality Projects Contributing to the World
In concluding his article, Buterin expressed that instead of criticizing things he dislikes, he prefers to praise what he considers good.
He hopes that within the cryptocurrency industry, everyone will cherish the fun while going with the flow, expressing a desire for "higher quality, enjoyable projects that contribute to the ecosystem and the world around them" to gain more attention.
Buterin stated that the ideal scenario involves not just enriching insiders and creators but also creating meme coin and game projects that support public goods.
While the current cryptocurrency industry sees a lot of attention on utterly worthless meme coins, there is also a growing number of utility-bearing meme coins contributing to charitable activities, warranting attention to such initiatives.
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