Shift

<div class="intro-text"> 
 Former Binance CEO Changpeng ‘CZ’ Zhao has voiced concerns over the rising popularity of meme coins, urging blockchain developers to shift their focus toward utility-based innovations. 
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In a November 26 <a style="color: #0000ff;" href="https://twitter.com/cz_binance/status/1861306581758976434?t=hth2kg6ETcSmHAr5c86kcQ&amp;s=19">post</a> on X, Zhao described the meme coin trend as “a little odd” and called on creators to prioritize building meaningful applications with practical value instead of chasing hype. 
Meme coins often depend on viral marketing and social media buzz to attract fleeting investor attention. Though they may offer quick gains for a few, their lack of real utility or practical applications often results in substantial losses for the majority once the hype subsides. 
CZ’s remarks have reignited conversations about the meme coin craze, emphasizing concerns over their minimal practical value. One user<a style="color: #0000ff;" href="https://twitter.com/IncomeSharks/status/1861307530527604883?t=C3ZtHSSaYs-zv-3KMN_ZmA&amp;s=19"> commented</a>, 
<blockquote>
 “They went from being fun, to funny, to extremely weird and desperate.”
</blockquote> 
CZ’s statement comes amid controversy surrounding<a href="https://defi-planet.com/2024/11/pump-fun-faces-backlash-over-disturbing-content-on-livestreams-crypto-community-calls-for-stronger-moderation/"> Solana-based meme coin platform Pump.fun,</a> which faces backlash over violent behaviour broadcasted via its livestream feature. On November 25, Pudgy Penguins’ safety manager Beau flagged a live stream where a user threatened self-harm over their token’s market cap, urging Pump.fun to turn off the feature and provide support. Beau described the livestream function as “out of control” and called for removal. 
The hype around meme coins has prompted many prominent X influencers to promote these tokens as quick money-making opportunities. However, a<a style="color: #0000ff;" href="https://coinwire.com/76-percent-twitter-influencers-promote-dead-memecoins-study/"> CoinWire report</a> exposes a harsh reality: most meme coins are worthless, leaving many investors with heavy losses. The report highlights that 76% of influencers on X have promoted meme coins that are now defunct, with two out of three tokens they endorse ultimately losing all value. CoinWire states, 
<blockquote>
 “Our research reveals a sobering truth: the majority of these meme coins are dead, and most investors face significant losses,”
</blockquote> 
underscoring the risks of influencer-driven promotions in the meme coin market. 
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The post <a href="https://defi-planet.com/2024/11/cz-urges-shift-from-meme-coins-to-utility-based-blockchain-innovations/">CZ Urges Shift from Meme Coins to Utility-Based Blockchain Innovations</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

CZ Urges Shift from Meme Coins to Utility-Based Blockchain Innovations

DeFi Planet

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