CZ: "Memecoin is a bit... weird right now, let's build real applications"

Binance founder Changpeng Zhao (CZ) thinks that memecoin is a bit weird right now and advises the community to return to real values, using blockchain to build practical, useful applications.

Amidst the time when memecoin is taking over all fronts, Binance founder Changpeng Zhao (CZ) also spoke up to share his views.

Specifically, on the afternoon of November 26, 2024 (Vietnam time), CZ posted on X that:

"I'm not against memes, but memecoin is a bit weird right now.

Let's use blockchain to build useful applications."

The former Binance CEO's comments led to many mixed opinions. Some agreed that memecoin is no longer fun and is now full of speculators looking to make quick money.

As @IncomeSharks commented:

"Memes used to be fun and interesting, but now they're just weird and reckless."

"Reckless" is a bit too much but it's also true when describing a part of the current memes. As Coin68 reported, the memecoin incubation platform pump.fun is transforming into a "dark web" on the blockchain.

Not only are there weird livestreams to attract the community to "pump" their coins, but there are also many cases of "suicide" threats, domestic violence, and mass shootings. There are even cases of killing animals to create memes, with the desire to increase the price similar to the PNUT meme coin, which was inspired by a squirrel that was destroyed by the government.

However, besides the supportive voices, many people are also dissatisfied because Binance has recently continuously listed memecoins and has been involved in many dramas.

Binance Token Listing Schedule 2024

Previously, the BabyDoge, TURBO, and NEIRO trio flooded Binance with negative comments. Most recently, just yesterday, memecoins CHEEMS and WHY both dropped sharply after the announcement of Binance Futures listing.

Binance's move seems to implicitly affirm that the exchange supports memes, while CZ thinks memes are "weird" and calls for us to return to "tech coins"?

It seems that to support CZ, Binance 1 hour later announced the 2nd Binance HODLer Airdrops project, Thena (THE), a true "tech coin". This is a DEX exchange and liquidity layer built on BNB Chain and opBNB.

In addition, some analysts commented that because "CZ has spoken out", the upcoming cash flow will flow from memes to tech coins such as DeFi, L2, DePin, infrastructure,...