Friday, December 2, 2022
HomeCrypto NewsMarketEthereum Founder Inspires A Third Meme Coin In A Week

Ethereum Founder Inspires A Third Meme Coin In A Week

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Vitalik Buterin Is Having An Elon Musk Effect On The Crypto Community, Sparking The Meme Coin Craze of 2022.

In a tweet on Friday, Ethereum founder Vitalik Buterin proposed conditional burns as a solution to Twitter spam bots, saying the recipient of a message should have the right to force a user to burn a hypothetical token X if the response is not to their liking. 

Notably, Buterin’s suggestion came in response to a proposal from FTX’s Sam Bankman-Fried that social media messages be hosted on-chain. According to SBF, paying gas fees for messages will likely discourage spam bots. However, Buterin expressed the belief that conditional burns are better, an idea that got the support of SBF.

It is worth noting that despite the conversation context, a portion of crypto Twitter was only interested to see if someone would create an X token that would pump hard, as we have seen in the past week.

And again, in a matter of hours, not just one but two X tokens were launched—one on the Ethereum chain and one on the Binance chain. Notably, the one on the Ethereum chain appears to have garnered the most attention. In less than 24 hours, it is already up by 3,888%, with a total market cap of over $1 million, according to data from DEXTOOLS. On the other hand, the BSC token appears to be struggling. It is already down 74.59% and has a meager market cap of $262.

As reported by The Crypto Basic, two meme tokens were born this week, THE and DIE, inspired by Vitalik Buterin. Unlike their predecessors, neither X tokens have been able to attract a listing on a central exchange as of press time. Still, it will not be surprising to see, especially if the ERC20 token continues to garner a huge following.

X becomes the third meme coin that Buterin has inspired through his tweets in a week. As highlighted by one user, Buterin has the same effect Elon Musk had in 2021. It also points to just how quiet the crypto markets are and the desire for volatility amongst the crypto faithful.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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