Changpeng 'CZ' Zhao, the founder of Binance, voiced criticism regarding the current meme coins ecosystem, describing it as "weird." He suggests that efforts should be directed toward developing real-world applications through blockchain technology instead of focusing on these speculative assets.
CZ's remarks have significantly impacted the market, resulting in increased selling pressure on several prominent meme cryptocurrencies. Consequently, the prices of coins such as DOGE, SHIB, PEPE, and BONK have each corrected between 9% and 10%, reflecting a loss of investor confidence following his comments.
The discussion emerges amid ongoing debates about the viability and value proposition of meme coins within the cryptocurrency industry. While some investors are drawn to the potential for quick gains, others are concerned about the lack of substantial technological or economic backing compared to mainstream cryptocurrencies.
Overall, CZ’s statements highlight the importance of building meaningful, technology-driven applications that harness the transformative potential of blockchain technology rather than speculative and volatile financial products.
