The recent surge in celebrity memecoin issuances has left Vitalik Buterin dissatisfied. The Ethereum co-founder believes that the goal of the project should be that even if the tokens eventually become worthless, the average participant should still feel good and happy about their participation.
In a June 5 post, Buterin said funding is only justified if it serves a purpose that provides value to society, such as improving health care, supporting open source software and promotion of art and creativity.
Her statement follows an article about the possibility that Iggy Azalea’s MOTHER icon could become a celebrity’s mother living this cycle if she sets out to create lasting value.
Celebrity tokens are digital assets or cryptocurrencies created and endorsed by celebrities. They leverage celebrity popularity to attract interest and investment, and often integrate into the broader cryptocurrency ecosystem.
Buterin’s “worthy” list.
Buterin explained that Ashton Kutcher and Mila Kunis’ Stoner Cats project was far more respectable than anything seen in the 2024 memecoin trend. “At least Stoner Cats funded a real demo, while memecoins lack substance and purpose,” he said.
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The founder of Ethereum provided a list of features that a popular cryptocurrency project must possess to earn respect. As part of the listing, Buterin said the project should have a clear public benefit objective that goes beyond simply enriching celebrities and early investors.
Regarding token celebrity projects, Buterin said he prefers those that last a long time, ideally more than 10 years, rather than those that gain popularity temporarily for a few months and are then forgotten. He said he places more importance on long-term sustainable projects than short-term trends.
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Buterin explained that a celebrity token should include attractive features that go beyond simple trading. Although he does not like token-voting decentralized autonomous organizations (DAOs), he said they at least provide activities and a sense of community for people, and that the DAO should ultimately not dictate agenda, but should have some degree of effect. .
Celebrity Coins
Azalea launched the MOTHER token on May 28, continuing a weeks-long trend of celebrities launching memecoins on Solana. Caitlyn Jenner, Soul rappers 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 complained after the launch that they were scammed by businessman Sahil Arora. In response, Arora denied any wrongdoing during the token launch. Azalea said on May 28 that her symbolic launch had nothing to do with Arora.
African pop star Davido’s newly launched token, DAVIDO, has also drawn criticism from the Nigerian cryptocurrency community. Some community members have speculated that a symbolic dump could be part of his plans.
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