Vitalik Buterin, the co-founder of Ethereum (ETH), is speaking out against the current trend of celebrity memecoins, emphasizing the need for digital assets to serve purposes beyond simply benefiting their creators and early supporters.
Taking to the social media platform X, Buterin, with his 5.3 million followers, expresses his discontent with the ongoing wave of celebrities dabbling in meme assets. He specifically mentions Stoner Cats, an NFT collection endorsed by actors Ashton Kutcher and Mila Kunis, noting that the project at least had some semblance of a practical application in the real world.
Feeling dissatisfied with the current state of “celebrity experimentation” in this cycle, Buterin stresses the importance of financialization serving a meaningful purpose, such as supporting healthcare, open-source software, or art. Contrasting Stoner Cats with the recent celebrity memecoins of 2024, he highlights the show funding aspect of the former project as a more commendable endeavor.
Although Stoner Cats faced regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC) in 2023 for being an unregistered security, Buterin commends its efforts to bring something tangible to the table. He outlines the key attributes that would earn his approval for a celebrity meme asset, including longevity, utility beyond enriching celebrities, and additional features beyond mere tradability.
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