- May 28, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Popular YouTube Co-founder Steve Chen is currently in the limelight as he revealed his support of the new Solana-based meme coin Pajamas (PAJAMAS), inspired by his beloved cat. This move marks Chen’s significant foray into the cryptocurrency landscape, indicating a shift from his prior emphasis on video technology to the ever-evolving digital currency market.
Chen Supports Solana-based Memecoin Pajamas
According to the TOBTC trading platform, YouTube co-founder Steve Chen is backing Pajamas, a meme coin built on the Solana blockchain. This project which was inspired by one of YouTube’s first cat videos from 2005 is currently valued at over $20 million since its launch in mid-March.
Given that the community recognized the nostalgia for bygone times and the need to immortalize them, the token gained popularity as the tale of The First YouTube Cat’s creation.
The trading platform then drew attention to Chen’s post where he first revealed his support for the memecoin. Apparently, the meme coin is not the only digital asset currently owned by the YouTube co-founder.
By endorsing this meme coin, Chen is promoting the wider adoption of Solana’s scalable blockchain infrastructure and using his platform to boost Pajamas in the cutthroat cryptocurrency market.
This endorsement is anticipated to draw a surge of new investors and traders to Pajamas as well as the larger Solana community, which reflects the growing trend of well-known tech figures adopting cryptocurrency innovations.
TOBTC also noted that Chen’s initial upload of his cat Pajamas served as the inspiration for the Solana-based memecoin. The video, which was first seen nearly 20 years ago, featured the co-founder’s cat dancing to a song by Nick Drake.
“This is my cat, Pajamas, playing and dancing to the tune of Nick Drake,” Chen wrote in the video description. Although Pajamas passed away the same year, the project still aims to celebrate the cat.
Chen has disclosed his commitment thus far toward supporting the memecoin project ever since its launch. He asserted that he had been supporting Pajamas by volunteering about 80-100 hours of his time each week.
Steve Chen’s Path Into The Crypto Space
It is important to note that Steve Chen became a supporter of Pajamas and crypto after community engagement, with his other tech-related investments and endeavors. He was prompted to invest in the meme coin after receiving over a hundred X (formerly Twitter) tags regarding it from users.
Chen has underscored the lack of trust he has observed ever since his involvement in the cryptocurrency industry. According to the co-founder, at least one person always cautions him against meeting or conversing with any crucial or powerful figure in the Web3 world whom he wishes to meet. “Every day on Telegram, there are at least 25+ new people trying to find a way to steal my money,” he added.
