Ethereum co-founder Vitalik Buterin has voiced criticism against the rise of celebrity-endorsed memecoins, calling for a shift towards cryptocurrencies with substantive, long-term goals.
Addressing the crypto community through tweets on Wednesday, Buterin said that a crypto project needs to “have some kind of public-good goal” rather than enriching celebrities.
He suggests that while financialization is commendable when aligned with noble causes, many celebrity-driven tokens appear to prioritize immediate financial returns over meaningful objectives.
Buterin’s comments come amid a wave of memecoins promoted by celebrities, which he argues lack a clear purpose or vision for the future.
One of the most popular celebrity memecoins launched recently belongs to Iggy Azalea, an Australian rapper who recently launched the token “MOTHER.”
The token has a market capitalization of over US$135 million, as of 2:30 a.m. ET, according to DEXTools.
Azalea claims that her project will donate to curing koalas from chlamydia, a major disease threat to the population of the endangered animal.
Some alleged scammers have taken advantage of the celebrity memecoin boom to launch suspicious projects carrying a celebrity’s name.
