Binance founder Changpeng Zhao has expressed concerns over the growing popularity of memecoins, urging developers to focus on creating more utility-driven tokens. In a post on X (previously Twitter), Zhao acknowledged the popularity of memes but expressed unease over their current direction, describing them as “a little weird.” He argued that most memecoins lack real-world value and rely heavily on hype and social media trends to attract investors.
Instead, he called for developers to shift their focus toward creating blockchain applications with tangible utility, rather than riding short-lived trends. Zhao stated, “I am not against memes, but meme coins are getting ‘a little’ weird now. Let’s build real applications using blockchain.” Some members of the crypto community agree with his call for utility-driven innovation, while others defend memecoins as a unique aspect of the crypto ecosystem that could enable retail adoption.
The memecoin sector remains one of the fastest-growing areas in crypto, despite its volatility and association with scams. The market cap of memecoins has more than doubled to a peak of $120 billion since Donald Trump’s US presidential election victory in 2016, reflecting their surging popularity.
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