Pushing for a revolution in the crypto space, Changpeng “CZ” Zhao, Binance’s former CEO, is calling for more concentration on tangible blockchain applications rather than the fleeting hype of “memecoins”. In a recent post, Zhao voiced his escalating disdain for the memecoin ecosystem, describing it as more bizarre than amusing in its evolution.
Zhao, who exited Binance in November 2023 after a court settlement resulting in a $50 million penalty, has since been championing grassroots growth and education in the emerging field of Web3. His remarks came at a time when some memecoins like Dogecoin and Shiba Inu have managed to maintain their buzz since 2021, aided largely by Elon Musk’s support and the wider crypto community.
However, Zhao’s call for refocusing efforts on real decentralized applications (DApps) met with mixed reactions, with some accusing Binance of promoting memecoins with little to no practical use. Indeed, Binance Futures, the company’s crypto derivatives exchange, allows memecoin trading pairs based on public demand.
Despite this controversy, memecoins are performing well with a combined industry value of around $110 billion as per Cointelegraph Markets Pro and CoinMarketCap data. However, platforms involving memecoins like Pump.fun have raised eyebrows after a distressing incident involving a user and their live-streaming feature, underscoring the need for careful moderation in this wild west of the crypto world.