YouTube co-founder backs "cat memecoin" PAJAMAS

28 May 2024

YouTube co-founder Steve Chen has announced his participation in the development of memecoin Pajamas (PAJAMAS). This memecoin was inspired by a cat video he shot himself 20 years ago and currently has a capitalization of more than 30 million USD.

Steve Chen, co-founder of YouTube and former CTO of the leading video sharing platform, has publicly backed the memecoin Pajamas (PAJAMAS). This memecoin launched in March 2024 on Layer-1 Solana, as Solana exploded in trading volume with the memecoin craze.

Memecoin Pajamas (PAJAMAS) was inspired by the first cat video posted on YouTube in 2005, with the image of his cat named Pajamas playing to the music of Nick Drake. This idea came from a post in 2022, when he wondered what he should do with YouTube's first cat video. On March 11, 2024, he retweeted that tweet and attached the name of this memecoin as a reply.

He also added that Pajamas token (PAJAMAS) is the only token he holds, except for SOL coin.

According to Cointelegraph, Steve Chen, with an estimated fortune of more than $1 billion, revealed that he spends about 80 to 100 hours every week participating in the development of memecoin Pajamas (PAJAMAS). However, this project is just one of many that he has invested in in the technology sector, including an AI-based exchange-traded fund and many technology startups located in Taiwan.

Pajamas, the cat that was the inspiration for the project, was no longer there when the video was recorded 20 years ago. Kabosu, the famous Shiba dog that became the mascot for Dogecoin (DOGE) and many other dog memecoins, also passed away on May 24.

The Pajamas token (PAJAMAS) with a market capitalization of $34 million is currently trading at around $0.034, having nearly doubled its price before this news came out.

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