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Vitalik Buterin Thinks This Cryptoverse Sector is “Over Invested”

Last Updated March 4, 2024 10:44 AM
Teuta Franjkovic
Last Updated March 4, 2024 10:44 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Memecoins surge despite infrastructure challenges.
  • The Memecoin market value is up 30%, with SHIB leading the pack.
  • Meanwhile, Vitalik Buterin released his 2024 Ethereum roadmap.

In the fluctuating landscape of the digital asset market, a dramatic transformation has occurred due to the unexpected surge in popularity of memecoins.

Ethereum co-founder Vitalik Buterin has intervened to set the record straight regarding the acceptance of this asset class after a tweet  criticized the widespread adoption of memecoins.

Memecoins Surge Amid Crypto Infrastructure Challenges

As the infrastructure supporting cryptocurrencies has seen a downturn, the utility of memecoins has been brought into question, leading to their current increase in popularity, as noted by a Twitter user. Vitalik Buterin stepped in to reply  to the comment, aiming to debunk the oversimplification that this trend is uniform across the board.

He elaborated  that the term “infrastructure” encompasses a wide range of entities, from essential public services to what he describes as a competitive scramble for network effects with no clear winner.

Buterin said certain aspects of the crypto infrastructure have been overly financed and have gained excessive traction. Conversely, other parts remain underappreciated, with a greater emphasis on meeting the demands for wider acceptance.

He wrote :

“I feel like 2 years ago I completely agreed, and my high-level argument was something like “infrastructure is public goods, the incentive to fund public goods is N times smaller than optimal (that’s basic econ 101), so it’s practically impossible for there to be too much infrastructure”.

Memecoin Surge Propels Market Value by 30%, Hitting $41 Billion

The market value memecoins has risen 30%, reaching over $41 billion on March 4 2024. Leading the charge in this rally is Shiba Inu (SHIB), which recently witnessed a 52% increase in its value. SHIB’s price escalated to $0.00002, with no indications of abating anytime soon.

Dogecoin (DOGE), another key player in the memecoin market, experienced a surge of up to 30% earlier in the week. Market observers speculate that DOGE is on the brink of a substantial price rally. As a result of these coins moves, most memecoins have shot up.

Vitalik Buterin Releases His 2024 Ethereum Roadmap

Parallel to the Ethereum Foundation’s official development roadmap, Buterin has been recently crafting his annual roadmap. Keeping up with this custom, he unveiled the latest edition of his Ethereum Roadmap on December 30.

Buterin vs. Ethereum Foundation: A Comparative Look at Roadmaps

Though Vitalik Buterin’s roadmap and that of the Ethereum Foundation differ in presentation and specifics, they share a common objective. In other words, they both aim to chart out Ethereum’s technical advancements and future directions.

The Foundation’s framework is built around four key themes aimed at enhancing the Ethereum (ETH) network. It wants to improve user experience, bolster security, reduce transaction costs, and ensure the network’s longevity. In contrast, Buterin’s approach is structured around five major developmental milestones, known as The Merge, The Surge, The Verge, The Scourge, and The Purge.

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