YouTube Co-founder Steve Chen Backs Memecoin Project Inspired by 2005 Cat Video
Summary:
YouTube's co-founder, Steve Chen, has been financially supporting a memecoin project called Pajamas (PAJAMAS), based on one of the first cat videos posted on YouTube in 2005. The project, located on the Solana blockchain, is one of many tech initiatives Chen is involved in. Despite skepticism and trust issues in the Web3 world, the YouTube co-founder remains engaged in aiding the success of memecoins in the crypto sphere.
YouTube's co-founder and previous CTO, Steve Chen, has been financially backing a memecoin based on one of the initial cat-themed videos that debuted on the platform back in 2005. During an interview conducted in Taiwan on May 27 with Cointelegraph, the billionaire entrepreneur revealed that he's dedicating between 80 and 100 hours weekly to boost the memecoin called Pajamas (PAJAMAS). The project, accessible on the Solana blockchain, gets its inspiration from the "first ever cat movie posted on YouTube" in 2005. It features Chen’s cat, Pajamas, frolicking and moving rhythmically to Nick Drake’s music, as stated in the video caption, which was posted on YouTube on May 22, 2005.
Although he initially had no part in the memecoin when it was first introduced, Chen got involved after nearly 100 users tagged him on X and subsequently bought the token. He shared that the memecoin effort is just one of numerous technology-related initiatives he's participating in. These also include an artificial intelligence-focused exchange-traded fund and investments in Taiwanese start-ups.
Pajamas, the actual cat featured in the video, passed away years ago as the video was filmed two decades back. Similarly, Kabosu, the dog that served as the inspiration for the Dogecoin (DOGE) logo and accompanying meme, died on May 24 at the age of 18. By taking a more active role in the Web3 arena via the project, Chen noticed what he described as a “profound lack of mutual trust.”
Chen conveyed warnings against communicating or meeting with people of significance in the Web3 domain and pointed out that new attempts to defraud him are a daily occurrence on Telegram. It appears cat-themed memes and tokens have found a place among crypto users as digital platforms continue to evolve. Presently, legal threats from the CatCoin (CAT) creators are being directed at BitForex because of withdrawal issues on the exchange, while the Popcat (POPCAT) project, similarly on the Solana network, generated a massive $63.4 million in trading volume in a single day in March.
Launched this past March, Pajamas is currently valued at more than $20 million and was trading at approximately $0.02 when this report was released.
Published At
5/27/2024 11:52:13 PM
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