#ChartoftheDay Solana-based meme coins have been the buzz for the last several weeks as celebrities embrace them by slapping their names on tickers and endorsing memecoins. The latest are from Australian rapper and model Iggy Azalea, SoundCloud rapper Trippie Redd, and former Olympian Caitlyn Jenner.

One of the hottest such coins, Iggy Azalea's MOTHER token, hit another all-time high today and reached a market cap of $200 million in just over a week after launch.

However, despite the excitement pumped up by public figures’ social media posts, most of these tokens claim no value proposition whatsoever. On Wednesday, Ethereum co-founder Vitalik Buterin commented on this recent wave of celebrity-promoted memecoins, saying that he’s feeling unhappy about “this cycle’s celebrity experimentation” so far and thought financialization should serve as a means towards an end that is worthy (healthcare, open-source software, art, etc.) instead of being the final product itself.

In fact, insider activity is abundantly clear for many of these tokens. According to Bubblemaps, insiders bought 20% of the supply of $MOTHER at launch before Iggy Azalea made the announcement.

While celebrity-backed tokens could be the catalyst for attracting new participants and capital to the crypto industry, there are concerns that the eventual collapse of this trend would mean disgruntled investors and inevitable securities violations, generating negative coverage on the industry.

On the other hand, Vitalik’s critique may have pointed to a pathway for celebrity crypto projects. He emphasized that these projects should have a clear public benefit goal beyond enriching the celebrity and early investors, and sustainable, long-term projects hold more value.