Binance Founder Changpeng Zhao Voices Concerns About the Proliferation of Meme Coins, Calls It 'a Little Weird'

Binance founder and former CEO Changpeng Zhao on Tuesday voiced concerns about the current state of meme coins, calling their proliferation “a little weird.”

Binance founder Changpeng ‘CZ’ Zhao has expressed his concerns about the proliferation of meme coins, terming it “a little weird.”

In a tweet on Tuesday, CZ clarified that he has nothing against memes but urged the crypto community to prioritize building meaningful blockchain applications.

"Let's build real applications using blockchain," he wrote.

Zhao's remarks come as platforms like Pump.fun are facing increasing scrutiny for simplifying the process of creating and launching meme coins.

These platforms allow anyone to mint tokens in a matter of minutes without requiring identity verification, making them a hotbed for scams and exploitation.

Designed to attract attention through features like live-streamed token launches, these tools have reportedly spiraled into disturbing displays of violence, fraud, and even animal abuse.

With little to no accountability, such platforms have created a fertile ground for exploitation, leaving unsuspecting retail investors at the mercy of bad actors.

A recent report by CoinWire further highlighted the risks associated with meme coins. Analyzing over 1,500 meme coins promoted by 377 influencers on X (formerly Twitter), the study found that 76% of these tokens eventually become “dead,” meaning they lose 90% or more of their value within three months of promotion.

While established meme coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have maintained liquidity and market relevance, the majority of promoted meme coins fail to replicate this success.

Only 3% of tokens managed to deliver the coveted 10x returns often promised by influencers, with larger influencers faring even worse — tokens they promoted delivered an average negative return of 89% within three months.

Zhao's comments align with a growing push within the crypto community for more responsible behavior from platforms and influencers.

Eric Chen, CEO and co-founder of Injective Labs, noted that influencers in the crypto space span a wide range of strategies, from promoting speculative tokens to offering more qualitative insights.

"Some influencers do engage in questionable token promotions, but it's important not to generalize their actions to the entire community," Chen told Benzinga.

He emphasized that token performance depends on multiple factors, including broader market sentiment, whale activity, and retail investor participation.

However, Chen cautioned that influencers do have a lot of power over market trends and should act responsibly.