Coinspeaker
Vitalik Buterin: Meme Coins Need to Evolve via Fun Utility to Support Community and Not Only Enrich Creators

The meme coins industry has eclipsed to more than $67 billion in market share led by dog-themed coins and Solana-based projects. With a combined daily average trading volume of about $12 billion, the meme coin industry has grown to a level that threatens utility-based projects.

As a result, discussions on how the meme coin industry can evolve from a speculative concept have escalated among most social media platforms in the recent past.

Buterin on Meme Coins Industry

The rise of the Ethereum-based meme coin Shiba Inu (SHIB) is largely attributed to Vitalik Buterin, who received a huge supply at its inception. Notably, Buterin donated almost half of his SHIB share to the Indian COVID crisis management and burnt the rest. Consequently, Shiba Inu’s price has enjoyed notable global support and thus the ongoing bullish outlook.

However, Buterin in his latest op-ed on meme coins highlighted that meme coins need to continually be innovative to be fun for the community. Additionally, Buterin criticized most of the meme coins for only enriching the insiders and creators and neglecting the community with public donations that are not helpful to them.

“Ideally, the goal is to make a co-created environme...