The recent surge in celebrity memecoin launches has left Vitalik Buterin dissatisfied. Ethereum’s co-founder believes that the goal of the project is that even if the tokens eventually become worthless, regular participants should still be satisfied and happy that they participated.
In a June 5
His statement came in response to Iggy Azalea’s post about the Mother Iggy (MOTHER) token potentially becoming the mother of this cycle’s celebrity experiments if it impacts sustainable value creation.
Celebrity tokens are digital assets or cryptocurrencies created and endorsed by celebrities. They leverage the popularity of celebrities to drive interest and investment, and are often integrated with the wider cryptocurrency ecosystem.
Buterin’s “Worthy” Checklist
Buterin explained that Ashton Kutcher and Mila Kunis’ Stoner Cats project is much more respectable than anything seen in the 2024 celebrity memecoin trend. “At least Stoner Cats funded the actual show, whereas memecoins lack substance and purpose,” he said.
Related: Iggy Azalea distances herself from $300,000 memecoin allegedly scammer.
The Ethereum founder has provided a list of features that popular cryptocurrency projects must have to gain respect. As part of the list, Buterin said the projects must have a clear public interest goal beyond enriching celebrities and early investors.
When it comes to celebrity token projects, Buterin said he prefers projects that have longevity, ideally 10 years or more, rather than projects that gain temporary popularity for a few months and then are forgotten. He said he values sustainable, long-term projects over short-term trends.
Related: Famous memecoin promoter Sahil Arora banned by X
Buterin explained that celebrity tokens should include attractive features beyond simple transactions. While he is not a fan of decentralized autonomous organizations (DAOs) with token voting, he said they at least provide people with activity and a sense of community, and while DAOs should not ultimately determine the agenda, they should have some influence.
Celebrity Meme Coin
Azalea launched her MOTHER token on May 28, continuing the trend of celebrities launching meme coins on Solana over the next few weeks. Caitlyn Jenner, rappers Soul Ja Boy and Rich The Kid, and adult content models Kazumi and Ivana Knöll have also recently launched tokens.
Related: Iggy Azalea’s Scam Prevention Plan: Burn Your Coins
Some of these celebrities complained that they were scammed by entrepreneur Sahil Arora after its launch. In response, Arora denied any wrongdoing related to the token launch. Azalea said on May 28 that her token launch had nothing to do with Arora.
DAVIDO, the newly launched meme token by Afro-pop star Davido, has also drawn criticism from the Nigerian cryptocurrency community. Some community members speculated that the token dump could be part of his plan.
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