Despite differing opinions, Vitalik Buterin has defended meme coins, arguing that they have real use cases in daily life and providing seven reasons to support his stance. A user on X questioned the sector’s usefulness beyond entertainment and monetizing attention.Ethereum co-founder Vitalik Buterin defends the idea that meme coins have practical uses in daily life. He challenges a bold assertion by 0xDesigner, a user on X (formerly Twitter), who argued that meme coins should not be a dominant narrative in the crypto space.“I understand why meme coins can have a moment, but how is it still the dominant narrative?…there are no compelling visions of how they extend into or improve everyday life,” said 0xDesiner in a post, adding that all of my meme coin-related design concepts have felt forced.According to the user, meme coins are sucking the energy out of crypto. Unstoppable Domains founder Mathew Gould expanded 0xDesiner’s idea, saying meme coins and ICOs seem closely related and noting the regulatory issues.“I can imagine a meme token or ICO that raised money for a fashion brand, media company, nonprofit cause, or even a long shot startup idea. Issue is regulatory,” Gould stated.Read More: What Are Meme Coins? 7 Hot Meme Coins and Altcoins that are Trending in 2024Other criticisms include the view that meme coins are a distraction with no real use cases. Some argue that inflation plays a huge role in this trend, as people struggle to afford everyday expenses and turn to gambling on meme coins in hopes of winning big and never having to work again.Vitalik Buterin came to the sector’s defense. He listed seven reasons he believes meme coins are value-adding to daily life. Moreover, Buterin recently engaged with the celebrity meme coin trend. He disapproved of the “financialization as a final product” premise driving many meme tokens.“I’m feeling quite unhappy about with ‘this cycle’s celebrity experimentation,’ so far,” he noted. “‘Financialization as a means toward an end’ I can respect if the end is worthy — healthcare, open source software, art, etc.”Read More: 7 Hot Meme Coins and Altcoins that are Trending in 2024In hindsight, Buterin defended meme coins in March, explaining how they can create value. He listed the societal benefits of meme coins amid criticism, envisioning them as tools for funding public projects and supporting causes.DisclaimerIn adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
