Shiba Inu’s main developer reacts to the presentation of essential features that a celebrity meme coin must possess to earn the respect of Ethereum’s founder.
A significant exchange occurred between Ethereum founder, Vitalik Buterin, and Shiba Inu lead developer, Shytoshi Kusama, in the realm of meme coins. This interaction was initiated on X by Chris Buniske, a partner at the crypto hedge fund Placeholder.
Buniske raised the potential of a MOTHER meme coin linked to Iggy Azalea, suggesting it could set an example for sustainable value creation in the current trend of celebrity-backed cryptocurrencies. This observation comes amidst a wave of celebrity memecoins, with personalities like Caitlyn Jenner and Nigerian music artist Davido jumping on board.
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Critique of Meme Coins by Ethereum Founder
In response to Buniske, Buterin expressed his discontent with the current state of celebrity meme coins. He emphasized that while financialization can be commendable when it serves a noble cause like healthcare or open-source software, it loses credibility when it becomes the sole objective.
He contrasted this with the “Stoner Cats” project by Ashton Kutcher and Mila Kunis, which he viewed as more respectable due to its tangible outcome—a funded cartoon show.
To steer celebrity crypto projects in a better direction, Buterin outlined several pivotal features that he believes are crucial. According to him, meme coins embodying these traits are more likely to earn his respect. These recent remarks follow his ongoing critique of meme coins.
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Buterin’s Recommended Features
One key feature he highlighted is that the project should strive to serve a public good beyond just enriching the celebrity and early adopters. This may involve supporting art initiatives or the celebrity’s preferred charities.
Additionally, Buterin stressed the importance of offering engaging mechanics beyond token trading. While he expressed his lack of enthusiasm for token voting decentralized autonomous organizations (DAOs), he acknowledged their role in fostering engagement and organization.
Furthermore, Buterin pointed out that the project should be built to endure at least a decade rather than being a short-lived hype cycle. For instance, the meme coin launched by Davido experienced a significant drop shortly after its launch. On-chain data indicates that the Nigerian artist sold off his holdings.
Buterin emphasized that the primary objective for celebrities and developers should be to create a project where participants feel fulfilled with their involvement, even if the tokens become worthless in the end. He highlighted that traditional charities and businesses often achieve this standard, and crypto projects should aim for it as well.
Reaction from Shiba Inu Lead
Shytoshi Kusama responded positively to Buterin’s critique, indicating that Shiba Inu is already working on a project that aligns with Buterin’s vision. He mentioned that they are contemplating a larger-scale project and would seek validation from Buterin’s feedback with their team. This suggests that Shiba Inu is not only cognizant of the necessity for meaningful, sustainable projects but is actively pursuing such endeavors.
Notably, the Shiba Inu ecosystem team, under Kusama’s leadership, is transitioning SHIB from a meme coin project to a decentralized ecosystem. They have made strides in this direction with the introduction of various ecosystem tokens and projects such as ShibaSwap, Shibarium, Shiboshis, and the Shiba Inu metaverse.
Disclaimer: This content serves as information and should not be considered financial advice. The opinions expressed in this article may reflect the author’s personal views and do not necessarily represent The Crypto Basic’s stance. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.