A memecoin with a market cap exceeding $20 million is rooted in a cat video shot two decades ago by ex-YouTube CTO Steve Chen
A memecoin initiative has received backing from Steve Chen, a former chief technology officer and co-founder of YouTube, inspired by an early cat video published on the site in 2005.
Chen, estimated to have a net worth of over $1 billion, told Cointelegraph on May 27 from Taiwan that he has been investing between 80 and 100 hours per week in supporting the memecoin Pajamas.
The endeavor originated from Chen’s “very first cat video uploaded to YouTube” in 2005 and is currently accessible via the Solana blockchain.
“This is my cat, Pajamas, dancing and playing to the music of Nick Drake,” the May 22, 2005 YouTube video description stated.
Chen disclosed to Cointelegraph that he was not initially invested in the memecoin when the project debuted; however, the purchase of the token was prompted by the tagging of approximately one hundred users on X.
As stated by the co-founder of YouTube, the memecoin endeavor was merely one of several technological projects he was presently engaged in.
These projects also included investing in Taiwan-based businesses and managing an exchange-traded fund that utilized artificial intelligence.
The physical Pajamas cat is no longer among us, given that the video was produced two decades ago.
Similarly, Kabosu, the subject of the Dogecoin (DOGE) logo and associated meme, descended to his demise on May 24 at 18.
Chen stated that as his involvement in the Web3 world increased due to the initiative, he realized that “everyone has a complete void of trust for one another.”
Chen stated, “At least one individual cautions me against meeting or conversing with a Web3 heavyweight or influential figure whenever I desire to do so.” “On Telegram, at least twenty-five or more new users attempt to steal my money daily.”
The campaign squad of President Biden is hiring a meme master.
Numerous cat memes and tokens inspired by them have garnered diverse forms of support from cryptocurrency users in tandem with the expansion of social media and the internet.
At present, BitForex is facing legal threats from the CatCoin (CAT) developers regarding withdrawals on the platform. Additionally, in March, the Popcat (POPCAT) initiative, based on Solana, similar to Pajamas, amassed $63.4 million in volume in a single day.
At the time of publication, Pajamas, which debuted in March, had a market capitalization of over $20 million and was trading for approximately $0.02.