Vitalik Buterin, one of the creators of Ethereum, has expressed his dissatisfaction with the rise of meme coins that are being endorsed by celebrities, criticizing this recent phenomenon in the cryptocurrency world.
These comments come amidst concerns within the crypto industry about the aftermath of various influencer-supported token projects that have left investors cautious and the market in a state of uncertainty.
Displeasure with Ephemeral Crypto Trends
Buterin disapproved of the current trend involving celebrities dabbling in the crypto sphere during a recent conference. He criticized these endeavors for often failing to meet the essential criteria of financialization and offering little beyond short-lived financial benefits.
He emphasized that these projects failed to fulfill the complete potential of blockchain technology, lacking depth and purpose.
While highlighting past projects like “Stoner Cats” by Mila Kunis and Ashton Kutcher as examples of more commendable initiatives due to their creative and altruistic nature, he pointed out that recent celebrity-backed ventures tended to surge rapidly and then vanish, disappointing investors in their wake.
Celeb-Endorsed Crypto Ventures
New attention has been drawn to celebrities like Caitlyn Jenner and rapper Iggy Azalea, whose respective tokens, JENNER and MOTHER, have faced scrutiny. Jenner’s token witnessed a drastic drop shortly after its launch, sparking suspicions of foul play and causing its value to decline significantly.
Iggy Azalea’s MOTHER token, promoted extensively to her 7.6 million social media followers, is also under scrutiny for its long-term viability, despite not encountering a major crisis yet.
The controversy around the “FLOYD” token endorsed by boxing champion Floyd Mayweather further fuels concerns about the legitimacy of such tokens. Mayweather’s sudden removal of promotional posts on social media raised fears of a potential rug pull.
Buterin’s critique aligns with the increasing doubts about the credibility of these celebrity-supported ventures, emphasizing the importance of upholding ethical objectives, benefiting the greater good, and ensuring sustainability in trustworthy cryptocurrency projects.
Featured image from Chainalysis, chart from TradingView
