A video featuring a cat by Steve Chen, co-founder of YouTube, serves as the inspiration for the creation of a Memecoin with a market capitalization of $20 million.

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Steve Chen, a co-founder and former chief technology officer of YouTube, is supporting a memecoin endeavor inspired by an early cat video posted on the platform in 2005. The memecoin, called Pajamas (PAJAMAS), utilizes the Solana blockchain and has achieved a market value surpassing $20 million.

Chen, who is believed to have a net worth of over $1 billion, devotes 80 to 100 hours every week to promote the Pajamas memecoin. The introductory video for the project showcases Chen’s cat, Pajamas, dancing to a song by Nick Drake, which was originally posted on YouTube in 2005.

At first, Chen had no involvement in the memecoin venture. However, he was persuaded to join after being mentioned by approximately one hundred users. In addition to this undertaking, Chen is involved in multiple tech ventures, such as an exchange-traded fund that utilizes AI and investments in startups based in Taiwan.

Although the original Pajamas cat has passed away and the footage is from 20 years ago, the project has gained a lot of attention in the Web3 community. Chen has also faced challenges in terms of trust within the community, with warnings about potential scams and attempts at fraud.

Other cryptocurrencies that draw inspiration from cats, such as CatCoin (CAT) and Popcat (POPCAT), have also achieved success in the world of digital currency. In March, Popcat, which is also built on the Solana network like Pajamas, recorded a trading volume of $63.4 million in just one day.

Currently, the market value of Pajamas is over $20 million and it is being traded at approximately $0.02 per token.

Are you looking for additional updates on cryptocurrency? Take a look at our piece about Meme coins: Is it a betrayal of the principles of crypto or its genuine purpose?