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