Ethereum founder Vitalik Buterin labeled cryptocurrencies based on memes as "overinvested assets." This statement came in response to reports highlighting the incredible surge in the value of meme tokens. For instance, within a single day, Shiba Inu (SHIB) soared by 62%, while Pepe (PEPE) increased by 51%. Amidst this frenzy, the Ethereum creator expressed concern over the excessive capital flowing into the markets of meme-based cryptocurrencies. Buterin suggests the issue of meme-based digital currencies appreciating in value has deeper roots, tracing back to the concept of infrastructure. "In some instances, infrastructure refers to public goods, while in others, it pertains to social networks and blockchain networks. Today, certain infrastructure categories are grossly overinvested, whereas others are underappreciated," the Ethereum founder emphasized. Buterin believes the crypto community should pay more attention to critical projects, such as fully decentralized cross-chain protocols and domain name creation services with decentralized verification options. However, investments in coins issued by these startups do not guarantee high returns, unlike those in meme-based digital assets. Despite this, the allure of altcoins like SHIB and PEPE is unmatched, and currently, it is challenging to influence this trend, Buterin concludes.
