Changpeng Zhao (CZ), the co-founder of Binance, has expressed concerns over the growth of memecoins. In a recent post via X (formerly Twitter), he acknowledged support for memes but emphasized that the current meme sector is “getting a little weird.”
The crypto mogul further urged developers to harness the potential of blockchain technology to create meaningful solutions by prioritizing practical applications over memecoins. The post hints that CZ desires to promote a more mature and innovative crypto ecosystem. Worthy of note is the fact that he had earlier unfollowed the famous meme lord Elon Musk on X.
While CZ advocates for more attention to be given to utility projects instead of memes, some crypto users backlashed him, claiming Binance is not living up to his statement as it keeps listing memes. Meanwhile, in a recent post, CZ expressed his intentions to focus on education and transition to a more passive role in the crypto industry, prioritizing compliance and personal growth.
Is the Memecoin Sector Getting Weird?
The memecoin sector has taken a disturbing turn, as evidenced by the recent controversy surrounding Pump.fun, a Solana-based memecoin creation website. The platform’s livestream feature, intended for community engagement and entertainment, has devolved into a haven for explicit and violent content.
Reports of live streams featuring pornography, drug use, animal abuse, and even acts of terrorism have raised serious concerns about the platform’s moderation capabilities. The situation has become so dire that some users have threatened to harm themselves if their invested token fails to reach a specific market cap.
These disturbing incidents have resulted in calls for the platform to be regulated or shut down, further hinting that CZ may be right about memes becoming weird. The sector’s interest in irreverence and humor has escalated to a toxic culture that ignores the well-being of its participants.
Notably, CZ’s comment comes after the Pump.fun team disabled the livestream feature amid the recent developments. Nonetheless, the platform has been making waves. Recently, the team sold off some of its revenue, realizing over $6 million. The protocol has also generated significant volume for Solana, playing a role in the blockchain’s surpassing $100 million in DEX volume.
