YouTube co-founder and former chief technology officer Steve Chen is backing a memecoin project based on one of the platform's first cat videos. This project attracted great interest and had a market value exceeding 20 million dollars.
YouTube Co-Founder Backs Memecoin Inspired by Iconic 'First Cat' Video
The memecoin, called PAJAMAS, is inspired by a cat video Chen shot 20 years ago. The video, in which Chen's cat named Pajamas “plays and dances to the tune of Nick Drake”, was uploaded to YouTube on May 22, 2005.
This video is among the first cat videos uploaded to the site and has become a part of internet history.
Chen, whose net worth is estimated to be over $1 billion, revealed his deep commitment to the project in his statement.
He devotes between 80 and 100 hours per week to support Pajamas, which is hosted on the Solana blockchain.
Chen admitted that his involvement began after he was tagged by nearly a hundred users on X, urging him to purchase tokens.
He has since become an active supporter of memecoin. Pajamas is just one of many ventures Chen currently has in the tech space, including an AI-based exchange-traded fund and investments in Taiwan-based startups.
Reflecting on his experiences in the Web3 world, Chen expressed concerns about trust within the community. “Every time I want to meet someone important or influential in the Web3 world, at least one person warns me to never meet or talk to that person,” he said.
*This is not investment advice.