Ethereum founder Vitalik Buterin seems to be spearheading this year’s meme coin craze. Buterin’s tweets inspired three meme coins throughout the week. These coins, like most meme coin projects, have experienced a steep rise. In fact, there are even 120,000 percent. Here are the details…
Vitalik Buterin tweets stir up meme coin market
In a tweet on Friday, Ethereum founder Vitalik Buterin proposed conditional burns as a solution to Twitter spam bots. He said that the recipient of a message should have the right to force the user to burn a hypothetical “X token” if the response is not theirs. Buterin’s proposal came in response to a suggestion by FTX’s Sam Bankman-Fried to host social media messages on-chain. According to the SBF, paying for messages will likely deter spam bots. Buterin expressed his belief that conditional burns are better, the idea garnering support from the SBF.
Conditional burn is better imo. Recipient should have the right to force you to burn $X (or donate it to charity), but if the recipient is happy with your message it should cost nothing.https://t.co/rTUu3DMU0v
— vitalik.eth (@VitalikButerin) October 21, 2022
Despite the context of the conversation, some of the crypto community on Twitter began to wonder if Buterin would create a project for the “X” token featured in his tweet. Within a few hours, two X tokens were released, one on the Ethereum chain and the other on the Binance chain. In particular, it seems that the one on the Ethereum chain attracts attention. In less than 24 hours, total market cap has already risen 3,888 percent, surpassing $1 million, according to data from DEXTOOLS.
https://twitter.com/ClassyCrypto_/status/1583519596367450114
This week, two meme tokens THE and DIE, inspired by Vitalik Buterin, were born. X became the third meme coin Buterin inspired from his tweets in a week. As highlighted by one user, Buterin has the same influence that Elon Musk had in 2021. It also points to how quiet the crypto markets are and the desire for volatility among crypto believers.
THE had risen 120,000 percent
As we reported on cryptokoin.com, Buterin talked about how widely the word “the” is used last week. He joked that to take advantage of this, someone had to create a project called “THE Protocol”. “Somebody should do a project called ‘The Protocol’ so that when anyone says something, ‘Look, he mentioned the blah blah!’ can say,” he said.
Buterin’s prank soon became reality when an unknown development team created a crypto asset called THE Protocol (THE). Since October 17, THE has seen a stunning 119.118 percent increase in price, going from $0.0000384 to $0.04578 in just a few hours.
THE has stabilized ever since. It’s changing hands at $0.02246, down 19.2 percent in the last 24 hours, according to DEXTools. Just hours after seeing THE staggering price hike, Buterin once again sneered at Twitter, “What did I do?” she asked. While THE developers have launched a website for the crypto-asset, not much has been revealed about what their use-case might be.
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