Vitalik Buterin, co-founder of Ethereum, has shared his thoughts on the rise of celebrity-related meme coins, stressing the importance of financialization as a means to achieve socially valuable goals.
He outlines his vision for a meme coin that provides public benefit, fun systems, and long-term sustainability, citing examples like “stoner cats.
Discover how Buterin’s insights could shape the future of meme coins.
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Financialization as a Means to Achieve Goals
Vitalik Buterin, co-founder of Ethereum (ETH), expressed his dissatisfaction with celebrity-related meme coins on June 5, 2024. He explained the characteristics of meme coins he would support.
In the recent meme coin boom within the cryptocurrency industry, celebrity-associated meme coins have proliferated. However, Buterin stated that financialization should be used as a means to achieve goals that bring value to society.
As specific examples, he highlighted the importance of systems that contribute to fields like “healthcare, open-source software, and art.”
He mentioned that “Stoner Cats” by Ashton Kutcher and Mila Kunis was commendable because it actually funded a show, making it more substantial than other projects.
Goals for Celebrity Meme Coins
Vitalik Buterin emphasized that meme coin projects should aim to create initiatives where participants feel “it was worth participating,” even if the token’s value eventually drops to zero.
He also outlined that projects should benefit the public, offer enjoyment beyond trading, and be sustainable for over a decade. Specifically, he provided the following insights.
Existing Meme Coin Projects Already Practicing These Goals
In the meme coin world, many speculative coins without intrinsic value are issued. Recently, however, more projects aim to build new value and interesting mechanisms through global community cooperation.
Dogecoin (DOGE) and Shiba Inu (SHIB) are the two most notable examples. As of the writing of this article, they rank 8th and 11th in CoinMarketCap’s cryptocurrency market capitalization rankings, respectively.
SHIB, in particular, is highly praised for its contributions to society and enjoyable systems. Its partnerships with the Manny Pacquiao Foundation, participation in CDSA, and privacy-focused L3 initiatives have garnered global attention as a “cryptocurrency project that transcends meme coins.”
Vitalik Buterin commented in March this year that “SHIB has far exceeded my expectations,” acknowledging its growth.
While the number of meme coin types continues to increase, Buterin has long emphasized the importance of social contribution and interesting mechanisms. Therefore, it is predicted that such initiatives will increase in the future.
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