Ethereum founder Vitalik Buterin shared his thoughts on the current topic Memecoin hype at this time. We saw the first memecoins appear in 2015, such as: Dogecoin (DOGE). These developed their own support base and became a true cultural phenomenon. Now, in 2024, countless new coins are appearing again, but not always for the right reasons.
Memecoins useful or just for fun?
Today there is renewed discussion about the utility and necessity of these sometimes notable memecoins in the crypto landscape. While some memecoins are intended for charity or the love of an animal, there are also many offensive versions. This raises debate about what exactly memecoins should represent in crypto.
There have been a few recently Memecoins criticized on Solana Network because of offensive and sometimes even racist statements. Furthermore, it is stated that they hardly add any value to the crypto world. We also often see them draining liquidity from the market, thereby causing losses to investors.
Offensive memecoins in the spotlight
Vitalik Buterin posted a post on Friday indicating that memecoins are gaining attention again, but not everyone is immediately happy with it.
“Right now they’re popular again, but in a way that makes some people uncomfortable because there’s nothing really new or exciting about them,” Buterin wrote.
Buterin also pointed out one Post by Polynya, a well-known Ethereum blogger. Due to an “aggressive cultural shift” in the crypto world, publication under its current name will cease.
“It has hit rock bottom in 2024, with racist, sexist and other shitty memecoins that no longer serve any purpose except transferring wealth to the most despicable people on the planet,” he wrote.
He explained that if people at least enjoy games that make money through meme coins or charity, for example, then the whole thing at least still has a positive charge.
A positive look at memecoins in the future
Buterin gives examples such as “Robin Hood games“. He instructs developers to create games that have meaning, rather than “Candy Crush” on the blockchain. He references World of Warcraft, where people can build, save and conquer things.
Buterin still believes in the possibility of putting memecoins to good use, but also understands the limitations of the genre. He understands all too well that most people simply buy the coins because they think the value will increase and then sell them for a profit.
Additionally, if you give away a large portion to charity, for example, this could even cause damage to the coin if handled improperly. Buterin also calls the coin “GiveWell Inu” and if you donate it to GiveWell it goes to a charity.
Buterin acquired half of Dogelon Mars’ tokens in 2021 and subsequently donated them to the Methuselah Foundation.
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