Changpeng Zhao advocates for ‘real’ blockchain apps over memecoins

Former Binance CEO urges shift from memecoins to building blockchain applications

Changpeng "CZ" Zhao, the former CEO of Binance, has called on the crypto community to prioritize the development of "real" blockchain applications over memecoins.

Memecoin skepticism

On November 26th, CZ expressed his growing distaste for the memecoin ecosystem. He stated that memecoins had become "a little" strange, deviating from their initial humorous nature.

Focus on value-driven projects

Since stepping down as Binance's CEO in 2023, CZ has focused on supporting grassroots development and education in Web3. He believes that the crypto community should shift its attention to projects that deliver value rather than relying solely on hype.

Memecoin market performance

Despite CZ's concerns, several memecoins, such as Dogecoin and Shiba Inu, have maintained their popularity since 2021. However, as market interest has shifted towards projects offering tangible value, these coins have lost some of their luster.

Binance's listing of memecoins

Some critics have accused Binance of listing memecoins with questionable utility. However, the exchange's crypto derivatives arm, Binance Futures, continues to offer trading pairs for memecoins.

Community concerns

Seasoned investors have expressed concerns over Binance's exposure to unstable investments. The recent tanking of memecoins like Why and Cheems after their listing on Binance has raised questions about the platform's responsibility in facilitating access to such assets.

Market capitalization of memecoins

Despite these concerns, the memecoin ecosystem remains a significant force in the crypto market, with a combined market capitalization of approximately $110 billion.

Pump.fun controversy

On November 25th, Pump.fun, a platform for creating Solana-based memecoins, faced criticism after a user threatened suicide in a livestream. The platform defended its moderation efforts but eventually removed the live-streaming feature.