Vitalik Buterin Criticized Famous Meme Coins: There is a Decrease in Price!

Ethereum (ETH) co-founder Vitalik Buterin attracted attention with his post about the meme coin.

On June 5, Vitalik Buterin responded to a post by Chris Burniske, an analyst and former head of crypto division at Ark Invest. In the said reply, he started a discussion about the meme coin MOTHER launched by rapper Iggy Azalea.

Expressing his unhappiness about the meme coins put on the market by celebrities recently, Buterin stated that they are purposeless:

So far I am quite unhappy with the “famous experiments of this cycle”. “Financialization as a means to an end” I can respect depending on whether the end is worthwhile (healthcare, open source software, art, etc.) Financialization “as an end product” is terrible. Ashton and Mila's Stoner Cats were far more dignified than anything we've seen during the 2024 celebrity meme coin era; At least there was a real show funded. How can we move things in a better direction?

Celebrity meme coins were in high demand

Names such as US presenter Caitlyn Jenner, Iggy Azalea and rapper Rich the Kid have attracted attention by entering the meme coin market in recent weeks.

These posts by famous names with millions of followers managed to attract the attention of investors. Unexpected meme coin shares in the first days were asking "I wonder if their accounts were hacked?" He even brought the question to mind. MOTHER, which was launched on May 28, reached a market value of $108 million in a short time.

After Buterin's post, there was a decrease of around 7% in the price of MOTHER.