Vitalik Buterin unhappy with this cycle’s meme coins – here’s why

Vitalik Buterin, the co-founder of the Ethereum network, has expressed his unhappiness with celebrity meme coin experiments in this bull cycle.

According to a tweet from the Canadian-Russian computer programmer, he would consider meme coin projects more honorable and respectable if they had a public goal and were aimed at pushing specific causes in a better direction.

Celebrity Meme Coin Craze

In recent weeks, several celebrities, including Olympic and media personality Caitlyn Jenner, American rappers Rich The Kid and Iggy Azalea, and Nigerian musician Davido, have launched meme coins in an attempt to capitalize on the crypto craze for these assets

While some market participants have made substantial sums from these meme coin launches, many users have suffered massive losses that have wiped out their investments within hours of purchasing the tokens.

Jenner’s creation, JENNER, saw a trader who made millions trading the Solana-based Book of Memes token lose 785 SOLs for about $133,400 in 24 hours. Similarly, many traders who invested in Davido’s DAVIDO were left in the red after the musician charged $474,000 to dump his chips less than 24 hours after the release.

Buterin fired back at celebrities using meme coins to target financialization as an end product rather than a means to a worthy end, such as healthcare and open source software. The Ethereum co-founder insisted that the Stoner Cats non-fungible token collection launched by American actors and couple Ashton Kutcher and Mila Kunis in 2021 was more honorable than any project seen this cycle because the collectibles fund at least one show.

Honorable Meme Coin Launch

Highlighting an article he wrote in March about the potential of meme coins, Buterin outlined some characteristics that such projects needed to have in order to be considered honorable and respectable. In addition to enriching early adopters and celebrities, Buterin said the projects could have a public good goal tied to an art project or the celebrity’s favorite charity.

Also, they could be built to last at least a decade and have fun mechanics that go beyond trading, like token voting decentralized autonomous organizations.

“The polar star should be: to have a project where even if all the chips involved eventually reach zero, the average person who participated is glad they did. Regular businesses and charities achieve this goal all the time time! It’s a low bar, but the things we build should also meet that bar,” the Ethereum co-founder explained.

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