Changpeng Zhao, widely known as “CZ” and the former leader of Binance
$23.43B
Posting on the social media platform X, he stated that memecoins, once amusing in their early days, have become “a little weird”.
The rise of memecoins, including popular ones like Dogecoin
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Unfortunately, many memecoins struggled to sustain their appeal as attention turned to real-value projects like Bitcoin
Zhao’s criticism resonated with many of his followers, advocating for the development of decentralized applications (dApps) that bring real utility. One of Zhao’s X followers, IncomeSharks, replied to his post by saying:
They went from being fun, then being funny, to being extremely weird and desperate.
However, some pointed fingers at Binance, accusing the exchange of listing memecoins that don’t seem to have any practical use.
Zhao’s shift in focus comes after stepping down as Binance CEO in late 2023. His resignation, part of a plea agreement, included a $50 million fine and barred him from any involvement in managing Binance.
Since then, Zhao has redirected his energy toward Web3 initiatives, emphasizing education and development within the blockchain ecosystem.
Zhao’s call for meaningful blockchain innovation coincides with Charles Schwab’s next CEO reevaluating the approach to digital assets. What’s his strategy? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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