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Vitalik Buterin Criticizes Celebrity Memecoins, Calls for Projects with Real Value and Longevity

Vitalik Buterin, the co-founder of Ethereum, has expressed dissatisfaction with the recent surge of celebrity memecoin releases.

Buterin believes that a project’s goal should be to ensure that even if the tokens become worthless, participants still feel satisfied with their involvement.

In a June 5 post on X, Buterin emphasized that financialization is only justified if it serves a societal purpose, such as enhancing healthcare, supporting open-source software, or promoting art and creativity.

His remarks were in response to discussions about the potential of Iggy Azalea’s Mother Iggy (MOTHER) token to lead the current cycle of celebrity experimentation if it achieves sustainable value creation.

Celebrity tokens are digital assets or cryptocurrencies created and endorsed by celebrities.

They capitalize on the celebrity’s fame to attract interest and investment, often integrating into the broader cryptocurrency ecosystem.

Buterin cited Ashton Kutcher and Mila Kunis’ Stoner Cats project as a more respectable example compared to the 2024 celebrity memecoin trend.

He noted, “At least Stoner Cats funded an actual show, whereas the memecoins lack substance and purpose.”

He outlined features that a celebrity crypto project should have to earn his respect.

He insisted that such projects should have a clear public benefit goal beyond merely enriching the celebrity and early investors.

Regarding celebrity token projects, Buterin expressed a preference for those with longevity, ideally lasting over 10 years, rather than those that gain temporary popularity and are soon forgotten.

He values sustainable, long-term projects over short-lived trends.

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Buterin also suggested that a celebrity token should include engaging features beyond simple trading.

While he is not a fan of token-voting decentralized autonomous organizations (DAOs), he acknowledged that they provide activities and a sense of community for participants.

However, he believes that DAOs should not ultimately dictate the agenda but should have some influence.

Iggy Azalea launched the MOTHER token on May 28, continuing a trend of celebrities releasing memecoins on Solana.

Other celebrities like Caitlyn Jenner, rappers Soulja Boy and Rich The Kid, and adult content models Kazumi and Ivana Knöll have also recently released tokens.

Some celebrities have complained of being scammed by entrepreneur Sahil Arora, who denied any wrongdoing.

Azalea clarified that her token launch had no connection to Arora.

Additionally, Afro-pop star Davido’s new meme token, DAVIDO, faced criticism from the Nigerian crypto community, with some speculating that a token dump might be planned.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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