Former Binance CEO insists real blockchain apps should replace memecoins in crypto spotlight

Changpeng “CZ” Zhao has recently expressed a sentiment that calls for the crypto community to turn the spotlight away from the excitement of memecoins and redirect it onto ‘real’ blockchain applications. Since stepping down as Binance’s CEO in November 2023 following a plea deal, Zhao has channeled his energy towards meaningful grassroots Web3 development and education.

On November 26, Zhao expressed his growing frustration with the memecoin scene, noting that what once seemed humorous now feels increasingly bizarre.

“I am not against memes, but meme coins are getting “a little” weird now. Let’s build real applications using blockchain,” Zhao posted on X.

While humorous assets like Dogecoin have been thriving for a couple of years, thanks to Elon Musk’s influence and overall positive sentiment, Zhao believes the market is ready for more than just hype-driven projects. His urge to focus on dApps has been met with support.

However, some players have criticized the leading exchange platform for listing memecoins with questionable utility. It has become especially evident since recent launches like WHY and CHEEMS took a plunge shortly after listing.

While memecoins maintain a strong market presence, comprising $110 billion or 3.44% of the total crypto market, they remain under scrutiny. A recent incident on the memecoin platform Pump.fun, where a user threatened suicide during a livestream, highlighted the darker side of the trend. In response, Pump.fun removed the livestream feature but defended its moderation efforts.