- Memecoin Pajamas, inspired by the first cat video uploaded to YouTube in 2005, has a notable supporter: Steve Chen, YouTube’s co-founder and former CTO.
- Chen dedicates 80 to 100 hours a week to supporting PAJAMAS, a cryptocurrency that he initially ignored but later embraced due to persistent encouragement from his followers on X (formerly Twitter).
- Chen has investments in Taiwan-based startups and an AI-based exchange-traded fund, in addition to his involvement with PAJAMAS.
Discover how YouTube’s co-founder is revolutionizing the crypto world with the memecoin Pajamas, and what it means for the future of digital currencies.
Steve Chen’s Commitment to PAJAMAS
Steve Chen, YouTube’s co-founder and former CTO, has become a significant advocate for the memecoin Pajamas (PAJAMAS). Despite initially showing no interest when PAJAMAS first launched on the Solana blockchain, Chen has since become deeply involved, dedicating 80 to 100 hours a week to its promotion. This shift was largely influenced by his followers on X, who persistently encouraged him to support the memecoin.
Challenges in the Web3 Space
As Chen delves deeper into the Web3 world, he has encountered numerous challenges, particularly concerning trust and security. He has expressed frustration over the rampant scams and fraudulent activities in the space. “Every time I try to meet someone important in the Web3 world, I get warnings not to talk or meet with them. On Telegram, more than 25 people try to steal my money every day,” Chen lamented. These experiences highlight the ongoing issues of trust and security in the rapidly evolving Web3 ecosystem.
Market Performance and Future Outlook
Launched in March, PAJAMAS has seen significant market activity. As of May 28, its market capitalization stood at $28 million, according to CoinMarketCap. The memecoin experienced a 47% surge in the last 24 hours, trading at $0.0301 at the time of writing. Despite the volatility, the involvement of a high-profile figure like Chen brings a level of credibility and attention to PAJAMAS, potentially influencing its future trajectory.
Conclusion
Steve Chen’s involvement with PAJAMAS underscores the growing intersection between tech pioneers and the cryptocurrency world. While the memecoin market remains highly speculative and fraught with risks, Chen’s commitment and the community’s support could pave the way for broader acceptance and innovation in the digital currency space. As always, potential investors should conduct thorough research and consider the inherent risks before diving into the world of memecoins.
