Changpeng Zhao expressed concern about the growing popularity of meme coins. He clarified that he is not against memcoins, but the hype around them seems “a little strange” to him. Therefore, the former CEO of Binance called on the crypto community to shift its attention to more practical applications that use blockchain. Due to Zhao’s comments, leading meme cryptocurrencies DOGE, SHIB, PEPE and BONK corrected by about 9-10%.
Cryptanalyst and co-founder of the CMCC Crest venture fund Willy Woo agreed with Zhao, noting that Satoshi Dice was the first application on the blockchain, and now the crypto industry has come “full circle” with memecoins and swaps. The analyst laments that gambling using digital assets is also in demand.
Zhao’s comments come a day after Binance introduced futures for two memecoins, WHY and CHEEMS, on the BNB Chain network. Shortly after launch, the price of both tokens fell sharply. In the comments to Zhao’s tweet, users wrote that Binance is placing memcoins, not utility tokens, although as a leader among crypto exchanges, Binance could set the industry in the right direction.
Zhao recently said that the bullish trend in the crypto asset market will continue for a long time, and Bitcoin will continue to grow, regardless of the assumptions of cryptocurrency skeptics.
Source: Bits
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