Shiba Inu’s lead developer is intrigued as the Ethereum founder discusses the necessary features for a celebrity meme coin to gain his approval.
The world of meme coins witnessed an interesting exchange between Vitalik Buterin, the creator of Ethereum, and Shytoshi Kusama, the lead developer of Shiba Inu. This interaction took place on X and was initiated by Chris Buniske, a partner at the crypto hedge fund Placeholder.
Buniske highlighted the potential of a new meme coin called MOTHER, linked to Iggy Azalea, as a groundbreaking example of creating sustainable value in the current trend of celebrity-backed cryptocurrencies. This observation comes in the midst of a surge in celebrity memecoins, with personalities like Caitlyn Jenner and Nigerian musician Davido joining the fray.
Buterin’s Critique of Meme Coins
In response to Buniske, Buterin expressed his dissatisfaction 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 its value when profit becomes the sole objective.
He contrasted this with the “Stoner Cats” project by actors Ashton Kutcher and Mila Kunis, which he considered more honorable due to its tangible outcome—a funded cartoon show.
To guide the direction of celebrity crypto projects, Buterin outlined several key features that he believes are crucial. He suggested that meme coins incorporating these features are more likely to earn his respect. These comments come amidst ongoing criticism of meme coins.
Buterin’s Recommended Features
Buterin first mentioned that the project should aim to benefit the public beyond enriching the celebrity and early adopters. This could involve supporting art initiatives or the celebrity’s preferred charities.
Secondly, Buterin stressed the importance of offering engaging mechanics beyond token trading. While he admitted his disinterest in token voting decentralized autonomous organization (DAO), he recognized their role in facilitating engagement and organization.
Furthermore, Buterin pointed out that the project should have a long-term outlook, lasting at least a decade instead of being a short-lived hype cycle. For example, the meme coin launched by Davido on X experienced a significant drop shortly after its launch, with data revealing the artist sold his holdings.
Buterin highlighted the importance for celebrities and developers to create projects where participants feel fulfilled, even if the tokens lose their value. He noted that traditional charities and businesses often achieve this standard, urging crypto projects to aim for the same.
Shiba Inu Lead’s Response
Shytoshi Kusama responded positively to Buterin’s critique, indicating that Shiba Inu is already developing a project that aligns with Buterin’s vision.
Kusama mentioned that they are exploring larger-scale initiatives and would incorporate Buterin’s feedback into their plans. This suggests that Shiba Inu is not only cognizant of the need for meaningful, lasting projects but actively pursuing such endeavors.
Interestingly, 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 various ecosystem tokens and projects like ShibaSwap, Shibarium, Shiboshis, and the Shiba Inu metaverse.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The opinions expressed are solely those of the author and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic bears no responsibility for any financial losses incurred.