Vitalik Buterin, co-founder of Ethereum, harshly criticized the growing demand for meme coins backed by famous names.
Buterin's criticism, saying that the meme coin market needs more important projects, came after the introduction of the Mother Iggy (MOTHER) token, supported by Australian rapper Iggy Azalea.
While Buterin openly expressed his dissatisfaction with meme coins supported by celebrities, he said that financialization can only be seen as a value if it serves a real purpose, otherwise these trends will remain shallow projects.
Buterin argues that meme coins should serve a purpose
However, citing the Stoner Cats project as an example, the Ethereum founder said that this project put forward something concrete by financing a show, but others have empty content and purposes.
On the other hand, Buterin, who made recommendations for meme coins supported by celebrities, argued that they should act for the public good, whether they are arts or charitable projects. A second recommendation was that these meme coin projects should be managed as a DAO to give participants a say. Vitalik thinks that if these conditions are met, it could increase the credibility of celebrity-backed crypto projects.
As a result, Vitalik Buterin emphasized the importance of projects creating value and having concrete usage areas beyond being speculative initiatives, while addressing a problem that should actually be valid for the entire crypto industry.
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