Former YouTube chief technology officer Steve Chen is throwing his weight behind a memecoin project centered around one of the platform's earliest cat videos, propelling the cryptocurrency to a market capitalization exceeding $20 million.

Chen, whose net worth surpasses $1 billion, revealed his deep involvement in the memecoin project named Pajamas (PAJAMAS), inspired by a cat video uploaded to YouTube in 2005. The video, featuring Chen's cat Pajamas dancing to the tune of Nick Drake, serves as the foundation for the Solana blockchain-based token.

Despite not initially being part of the memecoin's inception, Chen's engagement skyrocketed after numerous users on X tagged him, prompting him to invest in the token. He clarified that Pajamas, the real-life feline star of the video, is no longer alive, having been filmed two decades ago.

Chen's immersion in the Web3 world through the memecoin project has exposed him to the pervasive lack of trust among participants, with warnings and attempts at financial exploitation being commonplace. Nevertheless, he remains deeply involved in various tech ventures, including an AI-based exchange-traded fund and investments in Taiwanese startups.

The popularity of cat-related memes and tokens has surged within the crypto community, with projects like CatCoin (CAT) and Popcat (POPCAT) garnering significant attention and trading volume. Pajamas, launched in March, has quickly ascended to a market capitalization exceeding $20 million, with a current trading price of approximately $0.02.

Chen's endorsement adds further legitimacy to the burgeoning memecoin space, showcasing the potential for lighthearted internet content to captivate and mobilize a global audience within the crypto sphere.