YouTube co-founder Steve Chen is backing a memecoin project called Pajamas (PAJAMAS), inspired by the first cat video uploaded to the platform in 2005. Chen, who has a net worth of over $1 billion, has been dedicating up to 100 hours a week to the project, available on the Solana blockchain. The project is just one of many tech initiatives Chen is involved in, including an AI-based exchange-traded fund and investing in Taiwanese startups. Launched in March, Pajamas has a market capitalization of over $20 million and was trading at approximately $0.02 at the time of publication.