Changpeng Zhao: Time to Build Real Blockchain Apps

Changpeng Zhao: Ditch the Memecoin Hype, Time to Build Real Blockchain Apps

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 26, 2024

Key Takeaways

CZ Zhao urges the crypto community to focus on meaningful blockchain projects, moving away from the hype of memecoins;
Memecoins have lost their appeal as the market shifted toward projects with real value like Bitcoin;
Critics blame Binance for listing high-risk memecoins despite Zhao’s disapproval.

Changpeng Zhao, widely known as “CZ” and the former leader of Binance $23.76B , has voiced an appeal to the crypto industry, urging them to prioritize creating meaningful blockchain applications instead of focusing on the hype of memecoins.

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 DOGE $0.3871 and Shiba Inu SHIB $0.0000243 , gained momentum in 2021, largely driven by high-profile endorsements, including Elon Musk’s support.

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Unfortunately, many memecoins struggled to sustain their appeal as attention turned to real-value projects like Bitcoin BTC $93,720.76 .

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.