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The former CEO of Binance, Changpeng “CZ” Zhao, urged the crypto community to shift its focus away from memecoins and into building “real” blockchain applications.
On Nov. 26, Zhao shared his growing distaste for the memecoin ecosystem. In an X post, he said that the memecoins are getting “a little” weird as opposed to being funny during their nascent stages.
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 <img alt="Changpeng Zhao advocates for ‘real’ blockchain apps over memecoins" src="https://s3.cointelegraph.com/uploads/2024-11/019367d5-ae4f-7066-a046-b83611670a50" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/cz_binance/status/1861306581758976434" rel="null" target="null" text="null" title="https://x.com/cz_binance/status/1861306581758976434">Changpeng Zhao</a>
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Zhao stepped down as Binance’s CEO in November 2023 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-ceo-changpeng-zhao-banned-crypto-exchange" rel="" target="_self" text="null" title="https://cointelegraph.com/news/binance-ceo-changpeng-zhao-banned-crypto-exchange">as part of a plea deal</a> that imposed a $50 million fine and prohibited him from “any present or future involvement in operating or managing” Binance. Since then, the entrepreneur shifted focus to supporting grassroots development and education in Web3.
<figure>
 <img alt="Changpeng Zhao advocates for ‘real’ blockchain apps over memecoins" src="https://s3.cointelegraph.com/uploads/2024-11/019367d5-e3b8-7d55-9e85-af5bc042fc19" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/cz_binance/status/1785465555899822488" rel="null" target="null" text="null" title="https://x.com/cz_binance/status/1785465555899822488">Changpeng Zhao</a>
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Several memecoins, including Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="null" target="null" text="null" title="null">DOGE</a>) and Shiba Inu (<a data-ct-non-breakable="null" href="https://cointelegraph.com/shiba-inu-price-index" rel="null" target="null" text="null" title="null">SHIB</a>), have retained their hype since 2021, catalyzed by support from Elon Musk and the broader crypto community.&nbsp;
<h2 id="expecting-more-than-hype">Expecting more than hype</h2>
However, as market interest shifted toward Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) and other projects delivering value, memecoins have lost their luster due to projects built purely on hype.
While many of Zhao’s followers supported his request to refocus on building real decentralized applications (DApps) instead of trying to cash out on the hype, some accused his former crypto exchange, Binance, of listing memecoins with no obvious utility.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/pump-fun-memecoin-freak-show-ban" rel="null" target="null" text="null" title="null">Pump. fun’s memecoin freak show may result in criminal charges: Expert</a>
Binance’s crypto derivatives exchange, Binance Futures, continues to list memecoin trading pairs catering to public demand. Still, the market price of Why (WHY) and Cheems (CHEEMS) — two new memecoins listed on the platform on Nov. 25 — tanked within a day of listing.
<figure>
 <img alt="Changpeng Zhao advocates for ‘real’ blockchain apps over memecoins" src="https://s3.cointelegraph.com/uploads/2024-11/019367d6-fccc-78a3-a9fa-b808ebbe4817" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/Memecoin_Space/status/1860981824387948912" rel="null" target="null" text="null" title="https://x.com/Memecoin_Space/status/1860981824387948912">Memecoin_Space</a>
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Seasoned investors held Binance partially responsible for allowing exposure to unstable investments.
<h2 id="memecoin-projects-on-community-s-radar">Memecoin projects on community’s radar</h2>
On the flip side, the market performance of memecoins stands at an all-time high. According to Cointelegraph Markets Pro and CoinMarketCap <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/meme/" rel="null" target="null" text="null" title="null">data</a>, the memecoin ecosystem has a combined market capitalization of about $110 billion, representing 3.44% of the $3.19 trillion crypto market.&nbsp;
On Nov. 25, Pump.fun — a decentralized platform for creating Solana-based memecoins — faced heavy criticism after one of its users threatened to commit suicide in a livestream.
<figure>
 <img alt="Changpeng Zhao advocates for ‘real’ blockchain apps over memecoins" src="https://s3.cointelegraph.com/uploads/2024-11/019367d7-5ed8-7b2c-ae5e-033e272da7c3" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/beausecurity/status/1860859118124138610" rel="null" target="null" text="null" title="https://x.com/beausecurity/status/1860859118124138610">Beau</a>
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While <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/pump-fun-livestream-backlash-content" rel="null" target="null" text="null" title="null">Pump.fun acknowledged the community’s concerns</a>, it defended the platform’s moderation efforts.
Still, Pump.fun removed the live-streaming feature from its platform.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/based-rollups-make-ethereum-feel-ethereum-again/" rel="null" target="null" text="null" title="null">Make Ethereum feel like Ethereum again: Based rollups explained</a>

Changpeng Zhao advocates for ‘real’ blockchain apps over memecoins

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Cointelegraph

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