Ethereum co-founder Vitalik Buterin criticized celebrity-endorsed meme coins, calling them insider enrichment. Do meme coins like these have a chance for success? What is the basis for pouring funds into such products? Can meme coins really disrupt the big players who offer technology solutions on the blockchain?
In our view, Buterin's criticism of celebrity-issued meme coins is justifiable.
1. The success potential of such coins is extremely low, as they typically lack a clear purpose, real value, or technological innovation. Their existence in most cases is based solely on celebrity hype.
2. Investors invest in meme coins mainly for speculative purposes, banking on short-term upside due to the hype. At the same time, the conscious buying of such assets can hardly be regarded as a full-fledged investment.
3. Meme coins are unlikely to seriously undermine the position of major players in the crypto market, who are developing valid blockchain solutions and adhere to a clear development roadmap. Their success is short-lived at best.
Buterin rightfully points out that any crypto project should generate real value and well-being users, and not just be a way for celebrities to get rich at the expense of their fans.
While some of these coins may generate profits for their holders in the short term, overall the idea celebrity meme coins looks more like a passing fad. Their success is extremely limited, and their development prospects are vague compared to full-fledged technological projects in the crypto industry.