Ethereum

Ethereum’s Buterin Slams Celebrity Memecoins, Calls for Targeted Innovation

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Ethereum co-founder Vitalik Buterin has criticized the rise of celebrity-backed memecoins, calling for a transition to cryptocurrencies with substantial long-term goals.

Addressing the crypto community via tweets on Wednesday, Buterin said a crypto project needs to “have some sort of public good goal” rather than enriching celebrities.

It suggests that while financialization is laudable when aligned with noble causes, many celebrity-led tokens appear to prioritize immediate financial returns over meaningful goals.

Buterin’s comments come amid a wave of celebrity-promoted memecoins, which he says lack purpose or a clear vision for the future.

One of the most popular celebrity memecoins launched recently belongs to Iggy Azalea, an Australian rapper who recently launched the “MOTHER” token.

The token has a market capitalization of over $135 million, as of 2:30 a.m. ET, according to DEXTools.

Azalea says her project will be used to cure koalas of chlamydia, a major threat to the endangered animal’s population.

Some suspected scammers have taken advantage of the celebrity memecoin boom to launch suspicious projects bearing a celebrity’s name.

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