Binance Founder Criticizes Ongoing Memecoin Craze

Changpeng Zhao, the CEO of Binance, has recently voiced his concerns about the increasing attention towards meme coins in the cryptocurrency space, describing the trend as "weird."

While Zhao isn’t against memes, he believes the focus should shift towards more meaningful blockchain projects that offer real-world utility. His comments came amid a surge in meme coin popularity, with popular tokens such as DOGE, SHIB, PEPE, and BONK all seeing significant corrections, dropping by as much as 10%.

Zhao urged the community to steer away from short-term, speculative investments and instead prioritize blockchain technologies that can solve real-world problems. He expressed his desire for the crypto industry to move beyond the “frenzied” nature of meme coins and focus on building sustainable, practical applications that would offer long-term value.

The meme coin market has been a roller coaster, with new tokens like PNUT and GOAT seeing explosive growth, rising by over 2,000% in a short period. However, this hype has also come with increased volatility, and Zhao’s comments reflect a broader sentiment of caution. Many believe that the current meme coin boom is more driven by trends than actual use cases, putting inexperienced investors at risk of major losses.

Some crypto analysts, including IncomeSharks, have also criticized the current meme coin culture, noting that it has shifted from being fun to something “bizarre” and unsustainable. Willy Woo, a well-known Bitcoin analyst, took a historical perspective, suggesting that the rise of meme coins feels like a full circle from early blockchain applications like Satoshi Dice, which focused on decentralized gambling.