Former Binance CEO Changpeng 'CZ' Zhao has voiced concerns about the rising popularity of meme coins, urging blockchain developers to shift their focus towards utility-based improvements.

In a post on November 26 on X, Zhao described the meme coin trend as "a bit strange" and urged creators to prioritize building meaningful applications with real value instead of chasing trends.

Meme coins often rely on viral marketing and social media spread to capture the fleeting attention of investors. While they may yield quick profits for a select few, the lack of real utility or practical application often leads to significant losses for the majority as the hype subsides.

CZ's comments have reignited conversations about the meme coin craze, emphasizing concerns about their minimal real-world value. A user commented:

"They go from fun, funny, then extremely bizarre and desperate."

CZ's statement comes in the context of the controversy surrounding the meme cryptocurrency platform Pump.fun based in Solana, which is facing backlash for violent behavior broadcasted through its live streaming feature. On November 25, Pudgy Penguins' safety director, Beau, flagged a live stream in which a user threatened to harm themselves due to the market cap of their token, urging Pump.fun to shut down this feature and provide support. Beau described the live streaming function as "out of control" and called for its removal.

The hype around meme coins has driven many prominent influencers on X to promote these coins as quick money-making opportunities. However, a CoinWire report has exposed a harsh reality: most meme coins are worthless, resulting in heavy losses for many investors. The report highlights that 76% of influencers on X have promoted meme coins that are now defunct, with two out of three coins they endorsed ultimately losing all value. CoinWire states,

"Our research reveals a troubling truth: the majority of these meme coins are dead and most investors suffer significant losses," highlighting the risks of influencer-driven promotions in the meme cryptocurrency market.

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