Vitalik Buterin, one of the creators of Ethereum (ETH), is speaking out against the current trend of celebrity memecoins, stating that digital assets should serve purposes beyond just enriching their creators and early supporters.

In a recent social media post on platform X, Buterin expressed his dissatisfaction with the growing popularity of celebrities dabbling in meme assets. He specifically mentioned Stoner Cats, an NFT collection supported by actors Ashton Kutcher and Mila Kunis, noting that the project at least had a tangible real-world application.

“I am quite disappointed with the current trend of celebrities experimenting with meme assets. I believe that financialization can be acceptable if it serves a meaningful purpose such as healthcare, open-source software, or art,” Buterin shared.

Comparing Stoner Cats to other celebrity memecoins of 2024, Buterin highlighted the fact that the project actually funded a show, making it more respectable than many others in the space. Despite being labeled an unregistered security by the U.S. Securities and Exchange Commission in 2023, Stoner Cats was seen as having qualities that could potentially lead to profits for investors.

Buterin outlined the criteria that a celebrity meme asset would need to meet in order to earn his approval. He emphasized the importance of longevity, additional use cases beyond enrichment, and unique features beyond simple tradability.

To stay updated on the latest news and trends in the cryptocurrency space, subscribe to receive email alerts directly to your inbox. Follow us on X, Facebook, and Telegram for more information.

Disclaimer: The opinions expressed by The Daily Hodl do not constitute investment advice. Investors are advised to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not a financial advisor. Please be aware that The Daily Hodl may engage in affiliate marketing.