Binance founder CZ highlighted the rapid rise of meme coins, calling them “a little weird” and urging developers to focus on more useful blockchain applications.
The crypto ecosystem’s constant emergence and launch of meme currencies have captivated the attention of prominent figures, leading to a call for the development of more practical applications and the reduction of meaningless tokens.
On Tuesday, Changpeng Zhao (CZ), the former CEO and founder of Binance, the world’s largest crypto exchange, expressed his support for the cause by tweeting that meme coins are becoming increasingly peculiar. He, however, observed that his demand for more practical applications on the blockchain does not equate to his disdain for meme coins.
CZ Expresses Apprehension Regarding Meme Coins
CZ’s stance on meme coins was supported by a significant number of community members. One individual stated that the tokens had transitioned from being amusing to humorous, and subsequently to being “extremely weird and desperate.”
Ahmet, a content creator at Binance Square, maintained that it would be challenging to put an end to the meme coin trend due to the fact that some of these tokens have received backing from prominent figures such as Elon Musk, the world’s wealthiest individual.
Musk is a fervent advocate for Dogecoin (DOGE), the first and largest of the group, and he has taken numerous measures to honor the coin. Musk announced the establishment of the Department of Government Efficiency (DOGE) under the Trump administration a few days ago.
In addition, Ahmet maintained that the most effective strategy for the meme coin sector would involve advocating for tokens with larger communities and superior quality; otherwise, 98% of these assets would be worthless. CZ clarified in response to his tweet that his objective is not to eradicate meme currencies, but rather to motivate additional developers to develop genuine blockchain applications.
“Everyone have their choose on what to invest or hold,” the Binance founder added.
Is it possible for meme coins to develop?
CZ’s perspective is consistent with that of Vitalik Buterin, the founder of Ethereum and a computer programmer, who earlier this year encouraged developers to develop captivating blockchain games rather than straightforward meme currencies that could be copied and pasted.
Buterin emphasized in his report that meme coins could transition from tokens that are useless, racist, and sexist to initiatives that are beneficial to the crypto ecosystem and support public goods, rather than solely enriching insiders.
Buterin and CZ’s comments coincide with a substantial increase in the production of meme currencies in the crypto space, which is facilitated by the availability of launchpads such as Solana’s Pump.fun and Tron network’s SunPump. These platforms have launched millions of worthless meme coins since their inception in less than a year, with thousands of tokens released daily.
