CZ Advocates for Real Blockchain Apps Over Meme coins

Amid the renewed meme coin boom, former Binance CEO and founder Changpeng “CZ” Zhao has dished out stunning criticism for the asset in a new tweet.

Zhao described meme coins as growing a “little weird” and urged the blockchain community to focus on building “real applications using blockchain.” Surprisingly, meme coins have been in the spotlight this year, bringing in millions of dollars in revenue for successful holders.

I am not against memes, but meme coins are getting “a little” weird now.

Let’s build real applications using blockchain.

— CZ BNB (@cz_binance) November 26, 2024

Zhao explained he was not against memes, but rather, his tweet was a call to builders to focus on applications with real-world utility. Zhao’s tweets sparked a debate on social media, with some supporting his call for utility and others accusing Binance, Zhao’s former company, of fueling the meme craze.

Responding to Zhao’s tweet, one user wrote, “If Binance would like to help create a healthier meme coin market, a good first step would be to stop listing $20M memecoins like ACT and NEIRO. CEXs listing insider meme coins is the real problem, and Binance has been the worst. Shady stuff is going on.”

If @binance would like to help create a healthier memecoin market a good first step would be to stop listing <$20M memecoins like ACT and NEIRO. CEXs listing insider memecoins is the real problem and Binance has been the worst. Clearly shady stuff is going on.

— Leonidas $DOG OKX (@LeonidasNFT) November 26, 2024

Another user commented on the memecoin debate, pointing fingers at developers behind utility tokens. He wrote, “Utility devs caused this. They all went too greedy and started using their community for cash grabs. Let’s admit the only fun thing about utility tokens is the fact that it has utility. Everything else is stressful, starting from reading thousands of pages in the name of whitepapers, which they end up not delivering even 10%. So people went for the meme. Presently, the difference is, in meme, you lose money without stress.”

This user’s perspective highlights the growing frustration with utility tokens’ unfulfilled promises. And the perceived simplicity of meme coins, which, despite being risky, offer a less complicated experience for investors.

Are Memecoins the Wild West?

Some users went on to describe the memecoin space as the “wild west” of crypto, pointing at numerous pump-and-dump projects that hit the market lately. Others pointed to the recent pump.fun controversy, which involved some meme creators using the livestream feature to promote their tokens in questionable ways.

Meme Coins Are the Wild West of Crypto and It’s Getting Wilder

The meme coin world has always been unpredictable, but Pump fun live-stream feature has taken the chaos to a new level.

What started as a unique way to engage audiences has turned into a spectacle that blends… pic.twitter.com/ZCLy5oZjuA

— 𝙃𝘼𝘽𝙄𝘽𝙄 (Memeologist) (@onlyrealhabibi) November 26, 2024

Some creators shockingly threatened to commit suicide if their tokens failed to pump, while others said they would commit crimes like animal, child, and family abuse if their tokens didn’t take off. The situation led to pump.fun halting its livestream feature. However, many believe the meme coin market needs transparency and better guidelines.

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