Vitalik Buterin strongly criticizes the recent trend where celebrities are venturing into crypto by creating memecoins. In a social media post on June 5, Buterin argued that most of these celebrity-backed memecoins lack practical utility or a specific purpose behind their creation.

He emphasized that financialization, the process of making something tradable, should only be justified if it contributes value to society, such as advancements in healthcare, support for open-source software, or promotion of the arts. According to Buterin, any project's primary aim should be to provide participants with a sense of fulfillment, even if the project fails or its tokens become worthless. He stated:

"The guiding principle should be: to create a project where even if all tokens eventually become worthless, the average participant feels happy to have contributed. Regular businesses and charities achieve this goal routinely! It's a basic standard that our projects should also meet."

Buterin outlined criteria for celebrity crypto projects to earn his respect. He suggested that these assets must serve a public good beyond enriching celebrities and early adopters. He praised Ashton Kutcher and Mila Kunis' Stoner Cats NFT collection as an example that funds a real show, which he considers more commendable compared to other celebrity memecoins launched recently.

Moreover, Buterin recommended incorporating engaging mechanisms like Decentralized Autonomous Organization (DAO) activities to encourage community involvement and ensure longevity beyond short-term trading trends.

The emergence of celebrity memecoins has been notable in recent weeks, with figures like Caitlyn Jenner, Iggy Azalea, and Davido launching tokens via the Pump Fun app on Solana. Despite varied outcomes, blockchain data shows early traders have profited significantly from these assets. For instance, an address linked to Nigerian producer Davido reportedly earned over $470,000 in just 11 hours. Meanwhile, Iggy Azalea's Mother Iggy token surged approximately 500% in the past week according to CryptoSlate data, indicating sustained investor interest.