Binance CEO expresses doubts about memecoins, but remains neutral towards their listing
In recent months, memecoins have been all the rage in the cryptocurrency world. Many investors have turned their fortunes around with these meme-inspired tokens, but Binance CEO Changpeng Zhao (CZ) has expressed his skepticism about memecoins and his lack of understanding about them.
In a Twitter Spaces session held at the beginning of May, CZ shared his thoughts on memecoins, stating that while he enjoys memes, he doesn’t quite understand them and does not necessarily support them. Instead, he favors coins with practical applications.
Despite his initial reservations, CZ has come to embrace a more neutral stance towards memecoins. Binance aims to help users access all kinds of cryptocurrencies, and CZ acknowledges that we live in a decentralized society where anyone can support the coins they like. He further revealed that Binance uses interest and trading volume surrounding memecoins to make listing decisions, but that’s only a part of the evaluation process.
Speaking of listings, CZ made it clear that he doesn’t get involved in the process, and Binance has a dedicated team to evaluate listings, as seen in the case of SHIB. He also pointed out that Binance doesn’t oppose any cryptocurrency and doesn’t discriminate against memecoins, as SHIB has a high trading volume on Binance.
This week, the sudden surge of memecoins like PEPE has sparked speculative interest in cryptocurrency. The price of PEPE has risen nearly 38,900% since its launch on April 14th, following a social media craze. Meanwhile, DOGE and SHIB, two of the most famous memecoins, have been relatively quiet for the past 24 hours.
Currently, the topic of listing tokens on Binance is of utmost concern to investors. Listing a cryptocurrency on a centralized exchange like Binance usually increases its value, as seen in the case of Floki Inu and PEPE, whose prices skyrocketed by over 50% and over 100% after being listed on Binance.
Read more:
- PEPE Memecoin’s 21,000% Surge Sparks Ethereum Gas Fees To Soar
- FLOKI And PEPE Memecoins Skyrocket Over 60% After Binance Listing Announcement