Former Binance CEO Rejects Launch of Meme Coin
Changpeng CZ Zhao, ex-CEO of leading cryptocurrency platform Binance, has clarified that he has no intentions of launching a meme coin, following a surge in requests from crypto speculators for a contract address to trade such a currency. The demand stemmed from a trend where developers typically introduce tokens that carry canine themes, inspired by pets owned by notable founders such as Zhao himself.
Previously, Zhao had casually mentioned on social media that he intended to share particulars about his dog, which included the pet’s name and breed. This stirred up a wave of anticipation and excitement across various social media platforms, leading to speculation about the launch of a new meme coin.
Hype Evokes Trade Buzz Around the Speculative Coin
The resulting hype did have some notable effects. PancakeSwap, a decentralized exchange intrinsic to Binance Chain, gained momentum and apparently surpassed Uniswap, a leading decentralized exchange on Ethereum. This happened as traders thrived on the potential opportunity to profit from the alleged meme coin, which was supposedly backed by public posts Zhao had made about his dog, named Broccoli.
However, hopes of investors who had been eagerly awaiting the launch of Zhao’s meme coin were soon quashed. He stressed that he had no plans to drop a contract address or introduce a meme coin. “Let the best meme coin in the community win,” Zhao commented on this matter on Twitter.
No Meme Coin; Just Dog Details
Changpeng Zhao clarified his position by signalling that he was not the source of a new meme coin, but had merely shared a photo of his dog and its name, which many followers had requested. Despite this, the DEX Screener showed that several tokens based on Zhao’s dog, Broccoli, were already in circulation. The largest of these, which had been issued on BNB Chain, had gathered a market capitalization of $90 million with $145 million in trading volume within just two hours.
Token versions on different platforms had already amassed impressive market caps. However, Zhao pointed out that these meme coins could potentially be scams or opportunities for unscrupulous entities to attract people into deceptive schemes.
The Rise and Critique of Meme Coins
Interestingly, Zhao’s clarification and the subsequent tokenization of his pet followed various critiques that the ex-CEO had previously made regarding the surge of meme coins. He had specifically spoken out against this trend last November, calling for developers and investors alike to redirect their focus on on-chain utility. Zhao called meme coins a bit too careless and suggested developing genuine applications using blockchain technology.
While he candidly accepted that he wasn’t against memes, Zhao expressed concern that meme coins were starting to stray into bizarre territory. Hence, he advised building real applications citing the immense potential and advantages of blockchain. His words seem to resonate even more now, especially in the midst of conflicting signals and speculations around his supposedly own meme coin.
Changpeng Zhao’s firm stance against launching a meme coin and a clear call for focusing on the potential of blockchain underlines the critical need for authenticity and utility in the ever-evolving crypto space. His perspective serves as a wake-up call for the crypto community to focus on meaningful, tangible development rather than riding on whimsical trends.
