CZ Labels Memecoins as “A Little” Weird as Meme Craze Escalates

Memecoins have shown themselves to bring meteoric price gains to token holders, placing them among the most sought-after assets in the crypto market. However, some strange and worrisome behaviors have kicked in — certain investors have employed dangerous stunts to gain attention and net profits.

Concerned by this trend, Binance co-founder Changpeng Zhao (CZ) stated via X that the situation is “a little” weird. Instead, he called for a focus on building real blockchain-based applications.

I am not against memes, but meme coins are getting “a little” weird now.

Let’s build real applications using blockchain.

— CZ 🔶 BNB (@cz_binance) November 26, 2024

Wealth by All Means

A recent incident involving Pumpdotfun, a Solana-based memecoin generator, has highlighted how far some are willing to go. A memecoin developer who launched a meme token using the platform live-streamed a disturbing threat to hang themselves unless their token reached a certain market cap.

In another instance, a memecoin developer threatened to do away with a child if their token failed to meet a certain threshold. Another declared their intention to shoot at a school if their memecoin could not perform well. These behaviors have raised concerns about the extreme levels some people are prepared to go to secure a financial profit.

Since many of these wealth-crazed developers launched their tokens via Pumpdotfun, various individuals within the crypto community on X are calling for an outright ban on the Solana-based memecoin generator.

Memecoins and Wealth Creation

Despite these disturbing developments, investors acknowledge the huge profits that memecoins can generate. Investors who got in early on digital assets like Dogecoin (DOGE) and Shiba Inu (SHIB) have seen their investments grow exponentially, making them appealing to experienced traders and those new to the crypto space.

Recently, a memecoin trader made over $3 million by investing in ACT, a Solana-based meme token. While there are successful stories like this and the potential for huge rewards, the memecoin market remains volatile. While many traders have made profits, others have faced significant losses, as the market’s instability makes it a dangerous investment for those looking for quick returns.