Former Binance CEO Changpeng “CZ” Zhao has urged the cryptocurrency community to shift its focus from memecoins to building “real-world” blockchain applications.
On November 26th, CZ shared his growing dislike for the memecoin ecosystem. In the
source: Zhao Changfeng
CZ stepped down as CEO of Binance in November 2023 as part of a plea deal that fined him $50 million and banned him from “engaging in the current or future operations or management” of Binance. Since then, the entrepreneur has shifted his focus to supporting grassroots development and education at Web3.
source: Zhao Changfeng
Several memecoins, including Dogecoin (DOGE) and Shiba Inu (SHIB), have maintained the hype going into 2021 thanks to support from Elon Musk and the broader cryptocurrency community.
Expect more than the hype
However, as market attention shifted to Bitcoin (BTC) and other projects that provided value, Memcoin was overshadowed by projects based purely on hype.
While most of CZ’s followers supported his call to refocus on building real decentralized applications (DApps) instead of cashing in on the hype, some criticized his former cryptocurrency exchange Binance for listing memecoins with no apparent utility. criticized.
relevant: pump. Fun’s Memecoin Freak Show Could Lead to Criminal Charges: Experts
Binance Futures, Binance’s cryptocurrency derivatives exchange, continues to list Memecoin trading pairs in response to public demand. However, the market prices of Why (WHY) and Cheems (CHEEMS), two new memecoins newly listed on the platform on November 25, plummeted within a day of listing.
source: Memecoin_space
Seasoned investors are partly responsible for Binance’s exposure to volatile investments.
Memecoin Project on the Community’s Radar
On the other hand, MEMCOIN’s market performance is at an all-time high. According to Cointelegraph Markets Pro and CoinMarketCap data, the memecoin ecosystem has a market capitalization of approximately $110 billion, accounting for 3.44% of the $3.19 trillion cryptocurrency market.
On November 25, Pump.fun, a decentralized platform for creating memecoins based on Solana, came under heavy criticism after one of its users threatened suicide on a livestream.
source: beautiful
Pump.fun acknowledged the community’s concerns but defended the platform’s moderation efforts.
However, Pump.fun eventually removed the live streaming feature from its platform.
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