Ethereum’s Buterin slams Solana’s racist meme coins, urges better projects

In his latest blog entry, Ethereum co-founder Vitalik Buterin has expressed criticisms towards meme coins associated with authoritarian regimes. He encourages the development and support of higher-caliber projects instead.

Vitalik Buterin, co-creator of Ethereum, suggested in a recent blog post that the meme coin market within crypto is still in its early stages based on their current lack of unique features and primary use for speculative trading.

The co-founder of Ethereum, home to numerous meme coins such as Shiba Inu (SHIB) and Pepe (PEPE), has expressed criticism towards the recent proliferation of assets that cater to specific social groups based on their nationalities. He stated, “A number of Solana memecoins have lately been overtly racist in nature.” Furthermore, he expressed concern over the presence of coins with names linked to authoritarian regimes, which he finds particularly problematic.

“I have no interest whatsoever in coins linked to authoritarian political regimes, fraudulent schemes, or trends that seem appealing in month N but turn sour in month N+1.” (Vitalik Buterin’s original statement paraphrased)

Buterin highlighted the possibility of developing beneficial meme coins with a social impact, such as charity tokens that earmark a portion of their coin supply for charitable purposes. Nevertheless, he underscored the significance of initiating projects that yield financial gains, but also have a positive influence on the ecosystem and the broader community.

The Ethereum co-founder expressed understanding for people’s interest in enjoying the crypto world, but emphasized the importance of creating high-caliber projects. He cautioned against initiatives that primarily benefit a select few insiders and project creators.

Meme coins have a current value of $69.1 billion, as indicated by CoinGecko’s statistics. This surpasses the markets for gamefi at $33.6 billion and artificial intelligence tokens at $41.3 billion. The entertaining and often hyped category of cryptocurrencies makes up 2.53% of the entire crypto market, outpacing non-fungible tokens’ 2.37% and real-world assets’ 2.13% in market influence based on CoinMarketCap data.

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2024-03-29 14:31