Steve Chen, co-founder and former chief technology officer of YouTube, is now backing a memecoin inspired by one of the first cat videos uploaded to the platform. The cat video, filmed 20 years ago, features Chen's cat, Pajamas, and has become the basis for the memecoin named "Pajamas" (PAJAMAS), which has achieved a market capitalization of over $20 million.

Chen, who has an estimated net worth exceeding $1 billion, shared in an interview with Cointelegraph from Taiwan on May 27 that he has been dedicating between 80 to 100 hours a week to support the Pajamas memecoin. The video in question was uploaded to YouTube on May 22, 2005, with a description stating, "This is my cat, Pajamas, playing and dancing to the tune of Nick Drake."

The YouTube co-founder explained that he initially wasn't involved with the Pajamas memecoin project when it first launched. However, after being tagged by around a hundred users on X (formerly Twitter), he decided to invest in the token. Apart from Pajamas, Chen is also involved in several other tech projects, including an artificial intelligence-based exchange-traded fund and investments in Taiwan-based startups.

Chen noted that the original Pajamas cat is no longer alive, as the video was filmed two decades ago. He also remarked on the lack of trust he encountered within the Web3 community, noting frequent warnings and attempts to steal money from him through various channels.

Despite the inherent challenges and risks, cat-themed memes and tokens have garnered significant attention in the crypto world. For instance, CatCoin (CAT) creators have recently threatened legal actions against BitForex over withdrawal issues, and the Popcat (POPCAT) project, also based on Solana like Pajamas, saw $63.4 million in trading volume in a single day in March.

Launched in March, the Pajamas memecoin was trading at approximately $0.02 at the time of publication.