The popularity of meme coins, such as Shiba Inu (SHIB) and PEPE, often inspired by internet jokes and featuring celebrity endorsements, has sparked debate within the crypto community.
A recent exchange between Vitalik Buterin, the founder of Ethereum, and Shytoshi Kusama, the lead developer of Shiba Inu, a prominent meme coin, exemplifies this discussion.
Chris Buniske, a partner at Placeholder, a crypto hedge fund, initiated the conversation by highlighting the potential of a meme coin called MOTHER, linked to musician Iggy Azalea.
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Buniske suggested MOTHER could be a trailblazer in establishing sustainable value for celebrity-backed cryptocurrencies, a growing trend that includes public figures like Caitlyn Jenner and Nigerian musician Davido launching their meme coins.
Buterin, however, expressed reservations about the current state of celebrity meme coins. He argued that financialization, while potentially useful for worthy causes like healthcare or open-source software, loses its value when solely focused on profit generation.
Buterin contrasted this with the “Stoner Cats” project by Ashton Kutcher and Mila Kunis, which aims to produce a funded cartoon show, offering a tangible benefit beyond financial gain.
To improve the direction of celebrity-backed crypto projects, Buterin outlined key features he believes are essential for meme coins to earn his respect.
Public Good Focus: The project should prioritize a social cause beyond enriching celebrities and early investors. This could involve supporting charities or art projects aligned with the celebrity’s interests.
Engaging Mechanics: The project should offer functionalities beyond mere token trading. While Buterin isn’t a fan of token-voting DAOs, he acknowledges their potential to foster user engagement and organization.
Long-Term Vision: The project’s design should aim for sustainability beyond a short-lived hype cycle. Buterin referenced a meme coin launched by Davido, which experienced a dramatic price drop of over 90% hours after its launch, potentially due to the artist selling their holdings.
Buterin emphasized that the primary goal for celebrities and developers should be creating a project that fosters a sense of satisfaction among participants, even if the token’s value fluctuates. Traditional charities and businesses often achieve this by offering value beyond financial gain, and crypto projects should strive for the same.
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Shytoshi Kusama Responds
Shytoshi Kusama, the Shiba Inu lead developer, responded positively to Buterin’s critique, indicating that Shiba Inu is already developing a project that aligns with Buterin’s vision.
Kusama suggested they might pursue an even grander scale and would share Buterin’s feedback with the Shiba Inu team for further consideration. This response suggests Shiba Inu recognizes the need for impactful and enduring projects and is working towards that goal.
Read Also: Shiba Inu Lead Developer Kusama Says Team is Working to Scale Shibarium By 1500%
The Shiba Inu ecosystem, under Kusama’s leadership, is actively transforming SHIB from a meme coin into a comprehensive decentralized ecosystem.
This transformation is evident through the introduction of various projects and ecosystem tokens, including ShibaSwap, a decentralized exchange; Shibarium, a layer-2 blockchain solution; Shiboshis, a collection of non-fungible tokens (NFTs); and the Shiba Inu metaverse, a virtual world project.
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