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The incessant creation and launch of meme coins in the crypto ecosystem have caught the attention of prominent personalities, resulting in a call for fewer meaningless tokens and the development of more useful applications. Changpeng Zhao (CZ), the founder and former CEO of the world’s largest crypto exchange, Binance, lent his voice to the cause on Tuesday, tweeting that meme coins are becoming a little weird. He, however, noted that his call for more useful applications on the blockchain does not translate to hating meme coins. CZ Expresses Concern About Meme Coins Many community members concurred with CZ’s stance on meme coins, with one stating that the tokens had gone from being fun to funny and then became “extremely weird and desperate.” A Binance Square content creator named Ahmet insisted that it would be difficult to end the meme coin craze because some of these tokens have garnered support from big names like Elon Musk, the world’s richest man. Musk is an avid supporter of Dogecoin (DOGE), the first and largest of the bunch, and he has taken several steps in honor of the coin. A few days ago, Musk unveiled the new Department of Government Efficiency (DOGE) under the Trump administration. Ahmet further asserted that the best approach to the meme coin sector would be advocating for tokens with better quality and large communities; otherwise, 98% of such assets would be garbage. In response to his tweet, CZ clarified that he is not trying to end meme coins but to encourage more builders to create real applications using blockchain. “Everyone have their choose on what to invest or hold,” the Binance founder added. Can Meme Coins Evolve? CZ’s opinion echoes that of Ethereum founder and computer programmer Vitalik Buterin, who earlier this year urged creators to make exciting blockchain…

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Filed under: News - @ November 26, 2024 8:28 pm