The former CEO of Binance, Changpeng “CZ” Zhao, urged the crypto community to shift its focus away from memecoins and into building “real” blockchain applications.On Nov. 26, Zhao shared his growing distaste for the memecoin ecosystem. In an X post, he said that the memecoins are getting “a little” weird as opposed to being funny during their nascent stages.
Zhao stepped down as Binance’s CEO in November 2023 as part of a plea deal that imposed a $50 million fine and prohibited him from “any present or future involvement in operating or managing” Binance. Since then, the entrepreneur shifted focus to supporting grassroots development and education in Web3.
Several memecoins, including $DOGE coin , have retained their hype since 2021, catalyzed by support from Elon Musk and the broader crypto community.
