Steve Chen, co-founder and former CTO of YouTube, has thrown his support behind the meme coin Pajamas Cat (PAJAMAS), which is based on the first cat video uploaded to the platform.
The only thing I own is Pajamas. Hahaha.
…and Solana.
I am having so much fun on Solana! Looking at Sol’s market cap, it seems like a huge milestone. Congrats! @aeyakovenko #PAJAMAS
— steve chen (@stevechen) March 14, 2024
In a conversation with Cointelegraph, Chen, whose net worth exceeds $1 billion, stated that he dedicates 80 to 100 working hours per week to the project on the Solana network.
Initially, he was reluctant to delve into meme tokens. However, after being tagged by about a hundred users on X, Chen changed his mind.
“This is my cat Pajamas playing and dancing to a Nick Drake tune,” reads the description of the video uploaded to Chen’s YouTube channel on May 22, 2005.
The PAJAMAS coin was launched on the Solana network in March 2024. According to CoinGecko, the coin surged by 37% in the past 24 hours. At the time of writing, the asset’s market capitalization exceeds $29 million.
The YouTube co-founder added that he has become more engaged in Web3 thanks to the meme token. However, he noted a “complete lack of trust that everyone feels towards everyone else.”
“Whenever I want to meet someone important or influential in the Web3 space, there’s at least one person warning me never to do so. Every day, more than 25 new users appear on Telegram trying to steal my money,” he added.
Earlier, ForkLog reported that a long-term investor in Shiba Inu (SHIB) earned over $1 million from the meme coin in three years.
In May, the combined capitalization of meme tokens rose by 8.1%, outpacing the rest of the crypto market. The five largest coins — DOGE, SHIB, PEPE, WIF, and FLOKI — accounted for approximately 77% of the total figure of $56.4 billion.