Ethereum

2024

Solana

Coin

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<p dir="ltr">Ethereum cofounder&nbsp;<a href="https://u.today/vitalik-buterin-issues-major-warning-on-official-crypto-scams">Vitalik Buterin</a> has spoken out against the ongoing trend of celebrities launching meme coin projects.&nbsp;<a href="https://x.com/VitalikButerin/status/1798293391144366184">According</a> to the Ethereum innovator, he claims he is unhappy with "this cycle’s celebrity experimentation" so far.</p>
<h2 id="problem-with-celebrities-and-meme-coins">Problem with celebrities and meme coins</h2>
<p dir="ltr">While it is not uncommon to find celebrities getting mixed up with digital currency projects, the concerns come when, according to Buterin, the goal is direct monetization without any value added.</p>
<p dir="ltr">The Ethereum cofounder said the narrative would be better if the end hinged on trends that help the greater good, like healthcare, open-source software and art, among others. While the intention of financialization as the final product is prevalent on Ethereum, the Solana ecosystem is also thriving in the wave of celebrities making their way onto the platform.</p>
<p dir="ltr">Buterin made reference to Ashton Kutcher and Mila Kunis's Stoner Cats Cartoon project as more honorable than anything the crypto industry has produced thus far this year.&nbsp;</p>
<blockquote>
 <p lang="en" dir="ltr">I'm feeling quite unhappy about with "this cycle’s celebrity experimentation" so far."Financialization as a means toward an end", I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization *as the final product*, 🤮Ashton and Mila's…</p>— vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1798290424622113230?ref_src=twsrc%5Etfw">June 5, 2024</a>
</blockquote> 
<p dir="ltr">Despite their no-value creation, many celebrity meme coins have recorded massive valuations in the days and weeks after their launch.</p>
<p dir="ltr">One of the most talked about at the moment is Iggy Azalea's controversial&nbsp;<a href="https://u.today/solana-meme-coin-by-iggy-azalea-skyrockets-1875-in-2-days">MOTHER token</a> that has scored more than 2,000% in a matter of two days. MOTHER is the major reason why Vitalik Buterin shared his latest post. Riding on this, he gave three unique tips that will make him respect any celebrity token.</p>
<h2 id="buterin-standard-for-celebrity-meme-coins">Buterin standard for celebrity meme coins</h2>
<p dir="ltr">In order to avoid putting people in the dark, Vitalik Buterin said celebrity projects need to have some kind of public-good end goal that it is serving. He cited the example of a charity or art project that celebrities can base their meme coins on.</p>
<p dir="ltr">Vitalik Buterin also pointed to the need to have fun mechanics beyond speculative trading. This, he noted that celebrities might need to incorporate a Decentralized Autonomous Organization (DAO) to show community strength. Ultimately, Buterin believes that meme coin projects from celebrities need to focus on building something that can last for at least 10 years, like&nbsp;<a href="https://u.today/dogecoin-whales-are-disappearing-whats-happening-with-doge">Dogecoin,</a> which has stood the test of time.</p>

Vitalik Buterin Slams Celebrity Meme Coin Financialization

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