Shiba Inu Lead Developer Strong Message to Ethereum Founder to Think on Massive Scale

In a recent exchange within the meme coin community, Ethereum founder Vitalik Buterin and Shiba Inu lead developer Shytoshi Kusama engaged in a discussion initiated by Chris Buniske, a partner at crypto hedge fund Placeholder. The conversation, centered on the current wave of celebrity-backed cryptocurrencies, emphasized the qualities required for celebrity meme coins to earn respect within the crypto space.

Ethereum Founder Review on Meme coins

Buniske cited the potential of a meme coin tied to Iggy Azalea, called $MOTHER, as an example of sustainable value creation in the realm of celebrity-backed cryptocurrencies. These observations coincided with the emergence of celebrity memecoins, including those associated with personalities like Caitlyn Jenner and Nigerian music artiste Davido.

Vitalik Buterin expressed his dissatisfaction with the current state of celebrity meme coins, highlighting the loss of value when financialization becomes the primary objective and lacks a noble purpose. He contrasted this with the “Stoner Cats” project initiated by American celebrities Ashton Kutcher and Mila Kunis, which he viewed as more honourable due to its tangible output—a funded cartoon show.

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Buterin Highlights His Suggested Features

To guide celebrity crypto projects in a positive direction, Buterin outlined essential features that he believes are crucial for earning his respect. Firstly, he emphasized that such projects should aim to serve a public good beyond enriching the celebrity and early adopters, potentially supporting art projects or the celebrity’s preferred charities.

Secondly, Buterin stressed the importance of offering engaging mechanics beyond token trading and acknowledged the role of decentralized autonomous organization (DAO) in providing a means for people to engage and organize.

Additionally, Buterin noted the significance of designing projects to last for at least ten years versus being a short-lived hype cycle. For reference, A memecoin Launched by Nigerian Afrobeat Artiste Davido and Announced on X which saw a 90% drop off barely an hour after its announcement. According to an on-chain data suggestion, the Nigerian Artiste sold off his holding. He emphasized creating projects where participants feel satisfied with their involvement, even if the tokens eventually become worthless, akin to achievements in conventional charities and businesses.

Shiba Inu Lead Response

Shytoshi Kusama responded positively to Buterin’s critique, indicating that Shiba Inu is already working on a project aligned with Buterin’s vision. He mentioned that they are considering even larger-scale initiatives and would present Buterin’s feedback to their team for validation, highlighting Shiba Inu’s active pursuit of meaningful, lasting projects.

Notably, the Shiba Inu ecosystem team, under Kusama’s leadership, is transitioning SHIB from a meme coin project to a decentralized ecosystem, evidenced by the introduction of various ecosystem tokens and projects such as ShibaSwap, Shibarium, Shiboshis, and the Shiba Inu metaverse.

Read Also: Shiba Inu Ecosystem Sees Major Progress in 2024: Shibarium, Digital Identity, and More

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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.