‘Memecoins Are Getting A Little Weird’: Binance Founder Advocates For ‘Real’ Blockchain Projects

Memecoins have been the main narrative of this cycle, bringing in millions of dollars in revenue for platforms like Pump.fun and generating massive profits for cryptocurrency investors. However, many see the mania around these symbols as taking a worrying turn as the cycle progresses, with figures like Changpeng Zhao urging projects of “real” benefit.

CZ calls for more real Blockchain applications

On Tuesday, Binance co-founder and former CEO Changpeng ‘CZ’ Zhao shared his thoughts on the recent development of memcoins, noting that they are “getting a bit weird now” on X’s post.

CZ explained that he is not against this sector but asked the community to focus on building “real applications using blockchain.” He also explained that he was not trying to “end” the memcoins craze but was encouraging more builders in the community and projects that benefit.

His statement sparked controversy among cryptocurrency investors, who shared divided opinions on the issue. Some users agreed, calling memecoins a “distraction,” while some disagreed with CZ’s comments, claiming that the ongoing frenzy was the fault of the utility’s developers.

Member of the community Argue “The only fun thing about utility tokens is the fact that they have utility,” he said, adding that “reading thousands of pages in the name of Whitepaper, which they ended up not offering 10% of” is what drove investors to meme coins.

Meanwhile, others Suggested These memes are important because they have the “unique power to connect with people” and could “pave the way for innovative fundraising and economic applications in the future.”

Some have argued that investors, and even Binance, should focus on memes backed by strong communities and projects, an argument the community has made before.

It is worth noting that the global cryptocurrency exchange founded by CZ has come under heavy criticism for its recent listing of memcoins. This month, Binance faced backlash for allegedly promoting pump-and-dump schemes after listing Solana-based tokens like ACT, PNUT, and WHY instead of other high-value meme-based cryptocurrencies.

These tokens saw a huge jump in price after being added to the exchange but recorded massive declines after the initial frenzy ended. Users have questioned Binance’s listing practices, stating that it could create an unfair and harmful environment for investors. Leonidas, co-founder of Bitcoin Ordinals explorer Ord.io, His weight In this regard:

We can only assume that Binance is specifically targeting low cap “dead” memecoins controlled by a small number of insiders as these are the ones who are able to pay the largest percentage of the supply as listing fees which Binance then “disposes of”. To generate revenue.

A “strange” development for Memecoins

CZ’s comments appear to be inspired by Pump.fun’s recent live streaming controversy, where hundreds of users abused the platform’s live streaming feature to promote their tokens. As reported by Bitcoinist, the Solana-based memecoin launcher came under fire on Monday after several users started a worrying “trend” of promoting their tokens.

Online reports showed that meme creators were threatening to commit violent and harmful acts, such as abusing children and animals, or harming their families, on livestreams if their tokens were not pumped out.

As a result, the cryptocurrency community urged the platform to shut down the live streaming feature and be more transparent with users about their guidelines. Monday, Pump.fun Directed Community concerns, announcing the temporary cessation of live broadcasting on the platform.

This measure was taken to “ensure absolute safety” of users and will continue “until the moderation infrastructure is ready to handle increased levels of activity.” Ultimately, the Pump team promised more transparency about rules and regulations