Steve Chen, the co-founder and former chief technology officer of YouTube, is backing a memecoin project called Pajamas (PAJAMAS), inspired by one of the first cat videos uploaded to the platform in 2005. The video features Chen's cat, Pajamas, playing and dancing to the tune of Nick Drake, and was uploaded on May 22, 2005. Despite not being initially involved, Chen became interested in the memecoin after being tagged by numerous users and has since been devoting significant time to supporting the project. Pajamas operates on the Solana blockchain and has garnered attention in the Web3 community, with a market capitalization surpassing $20 million since its launch in March.