-
The former CEO of Binance called for a shift towards truly meaningful innovation.
-
Despite his proposal, Zhao claims to not be against memecoins.
Changpeng Zhao (CZ), former CEO of Binance, recently shared his opinion on X about the rise of memecoins. According to Zhao, these cryptocurrencies “have become a little strange” and suggested that developers should prioritize cryptoasset projects that offer real value.
Although some might consider his stance overly critical, Zhao clarified that he is not against memecoins, which have gained great popularity in recent years – driven largely by the rise of Solana. These projects, which emerged as internet jokeshave managed to attract the attention of large investors. Two iconic examples are Dogecoin and Shiba Inu.
Despite its ability to capture attention on social networks and online communities, memecoins are often the subject of controversy. Many analysts and enthusiasts question its long-term viability, arguing that its value tends to inflate quickly and then lose competitiveness and even disappear.
CZ calls on the community to build more useful applications. Source: X/cz_binance.
In the past, Elon Musk himself has been linked to this type of significant fluctuations, due to comments he has made on the social network all-time highs after their publications.
Another phenomenon dates back to the same year: in January 2021, the WallStreetBets group decided to focus on Dogecoin. This group organized a massive purchasing campaign that the value of the Cryptocurrency skyrocketed by 800% in just 24 hours. This phenomenon demonstrated the impact that online communities can have on markets and marked a significant change in the perception of memecoins. CryptoNews reported about it.
At this point it is worth highlighting a investigation from CoinWire, which highlights findings such as that 76% of They lose up to 80% of their value after a month of their launch.
Zhao’s statements coincide with the recent controversy surrounding Pump.funan ecosystem launched earlier this year, which allows users to create Solana-based memecoins. The platform has received harsh criticism for its lack of moderation during live broadcasts, since, in recent livestreams, they have been recorded acts of violenceall because certain tokens do not live up to expectations.
This incident has raised questions about the ethical responsibility of the platform and its approach to the community, even leading some users to call for its closure. Faced with this situation, a representative of the company, Alon, turned to the social network clarify that, although they have a team of moderators working 24 hours a day, their work is not infallible. Additionally, they promised to be more transparent about the rules and made it clear that, while they defend freedom of expression, their priority is to ensure that users are not exposed to harmful content.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
