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Binance founder Changpeng ‘CZ’ Zhao criticized/slammed the current meme coins ecosystem on Tuesday, calling it “weird.” Instead, he recommends building real-world applications using blockchain technology. Zhao’s comment was enough to intensify the selling pressure on some of the top meme cryptocurrencies with DOGE, SHIB, PEPE, BONK each correcting 9-10%. CZ’s comments come at a time when the meme coin frenzy has picked up significantly this year in 2024.
Changpeng Zhao Shows Concerns on Meme Coin Frenzy
Binance founder Changpeng Zhao expressed concerns over the growing popularity of meme coins, stating that while he is not opposed to memes, the trend has become “a little weird.”
In a recent statement, Zhao urged the crypto community to shift focus toward developing real-world applications using blockchain technology. The Binance founder also emphasized the need for more practical and sustainable uses in this space.
I am not against memes, but meme coins are getting "a little" weird now.
Let's build real applications using blockchain.
— CZ 🔶 BNB (@cz_binance) November 26, 2024
The meme coin sector is buzzing with activity from assets like PNUT, GOAT, and others, which are more or less trend-driven and focus less on the application part. Within a very short period, these mems have given returns to the tune of 2,000% entering the ranks of top meme coins. This massive speculative activity demands caution from retail players and new investors who aren’t ready for the volatility.
Other top crypto handles also agreed to Changpeng Zhao’s comments. Popular analyst IncomeSharks replied: “They went from being fun, then being funny, to being extremely weird and desperate”. Moreover, Bitcoin analyst Willy Woo wrote:
“Satoshi Dice was the first blockchain application and now we have come full circle with memecoins + swaps. Trustless gambling seems in demand”.
Binance Faces Backlash on Listing Meme Futures
Changpeng Zhao’s comments about meme cryptocurrencies come a day after Binance introduced futures for two meme coins -WHY and CHEEMS – on the BNB Chain yesterday. However, shortly after the launch, the prices of both tokens experienced a sharp decline. One user on the X platform, Dan Crypto Larp, pointed this out stating:
“Unfortunately that’s what Binance has been listing nowadays instead of coins with utilities/applications. As the global leader of all CEXs, i feel that it a part to play to encourage proper building. Wish you were back at the helm to steer the ship to the right direction”.
Top coins from the sector have come under strong selling pressure as Bitcoin price crashes under $94,000 following Donald Trump’s tariff raise on Monday. As of press time, Dogecoin (DOGE) price has tanked more than 10% with a similar drop in Pepe Coin (PEPE), Bonk (BONK), and Floki Inu (FLOKI). Recent reports also suggested that Elon Musk may be secretly shilling PEPE Coin, after his support for DOGE over the years.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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