Ethereum co-founder Vitalik Buterin has expressed his disapproval of the recent trend of celebrities trying their hand at cryptocurrency by creating memecoins, arguing that most current celebrity memecoins lack any meaningful social impact.
In a June 5 social media post, Buterin noted that most celebrity-backed memecoins lack real utility or specific use cases to support their creation.
Buterin argues that financialization is not an end in itself, but a means. It is only justified when it serves a purpose that brings value to society. He gives examples of purposes that might include improving healthcare, supporting open source software, and promoting the arts.