{"id":3358,"date":"2024-11-27T09:06:07","date_gmt":"2024-11-27T09:06:07","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3358"},"modified":"2024-11-27T09:06:07","modified_gmt":"2024-11-27T09:06:07","slug":"memecoins-are-getting-a-little-weird-binance-founder-advocates-for-real-blockchain-projects","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3358","title":{"rendered":"\u2018Memecoins Are Getting A Little Weird\u2019: Binance Founder Advocates For \u2018Real\u2019 Blockchain Projects"},"content":{"rendered":"
\n

Memecoins have been the top narrative of this cycle, bringing in millions of dollars in revenue to platforms like Pump.fun and generating massive profits for crypto investors. However, many consider that the frenzy around these tokens has taken a concerning turn as the cycle progressed, with figures like Changpeng Zhao urging for projects with \u2018real\u2019 utility.<\/p>\n

CZ Calls For More Real Blockchain Applications<\/h2>\n

On Tuesday, Binance<\/a> co-founder and former CEO Changpeng \u2018CZ\u2019 Zhao shared his thoughts on the recent evolution of the memecoins, stating that they are \u201cgetting a little weird now\u201d on an X post.<\/p>\n

CZ clarified that he is not against the sector but asked the community to focus on building \u201creal applications using blockchain.\u201d He further explained that he wasn\u2019t trying to \u201cend\u201d the memecoins craze but encouraging more builders in the community and projects with utility.<\/p>\n

\"memecoins\"<\/p>\n

His statement sparked a debate among crypto investors, who shared split opinions about this issue. Some users agreed, calling memecoins a \u201cdistraction,\u201d while some disagreed with CZ\u2019s comments, claiming the ongoing frenzy was utility developers\u2019 fault.<\/p>\n

A community member argued<\/a> that \u201cthe only fun thing about utility tokens is the fact that it has utility,\u201d adding that \u201creading thousands of pages in the name of Whitepaper, which they end up not delivering 10%\u201d of is what drove investors to memecoins.<\/p>\n

Meanwhile, others suggested<\/a> that memes matter as they have the \u201cunique power to connect with people\u201d and could \u201cpave the way for innovative fundraising and economic applications in the future.\u201d<\/p>\n

Some debated that investors, and even Binance, should focus on memecoins with strong communities and projects behind them, an argument brought up before by the community.<\/p>\n

It\u2019s worth noting that the global crypto exchange founded by CZ has been heavily criticized<\/a> for its recent memecoins listing. This month, Binance faced backlash for allegedly promoting pump-and-dump schemes after listing Solana-based tokens like ACT, PNUT, and WHY instead of other large-cap meme-based cryptocurrencies.<\/p>\n

These tokens saw a significant price jump after being added to the exchange but recorded massive drops after the initial frenzy was over. Users questioned Binance\u2019s listing practices, suggesting they could create an unfair and harmful environment for investors. Bitcoin Ordinals explorer Ord.io\u2019s co-founder, Leonidas, weighed<\/a> in on the matter:<\/p>\n

\n

We can only assume that Binance is specifically targeting low cap \u201cdead\u201d memecoins that are controlled by a small number of insiders because these are the ones that are able to pay the largest percentage of the supply as the listing fee which Binance then \u201cdumps\u201d to generate revenue.<\/p>\n<\/blockquote>\n

Memecoins \u2018Weird\u2019 Development<\/h2>\n

CZ comments seem inspired by the recent Pump.fun livestream controversy<\/a>, where hundreds of users misused the platform\u2019s live streaming feature to promote their tokens. As reported by Bitcoinist, the Solana-based memecoin launchpad was under fire on Monday after numerous users started a concerning \u201ctrend\u201d to promote their tokens.<\/p>\n

Online reports showed that memecoins creators were threatening to commit violent and harmful acts, like child and animal abuse, or harm their families, on Livestream if their tokens didn\u2019t pump.<\/p>\n

As a result, the crypto community urged the platform to shut down the livestream feature and be more transparent with users about their guidelines. On Monday, Pump.fun addressed<\/a> the community\u2019s concerns, announcing the temporary halt of livestreams on the platform.<\/p>\n

The measure was taken to \u201censure the absolute safety\u201d of users and will go \u201cuntil the moderation infrastructure is ready to deal with the heightened levels of activity.\u201d Ultimately, the Pump team promised more transparency about rules and regulations<\/p>\n

\"memecoins,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Memecoins have been the top narrative of this cycle, bringing in millions of dollars in revenue to platforms like Pump.fun and generating massive profits for crypto investors. However, many consider that the frenzy around these tokens has taken a concerning turn as the cycle progressed, with figures like Changpeng Zhao urging for projects with \u2018real\u2019 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3358","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3358"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3358\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}