The post Binance Founder CZ Says ‘I am Not Against Meme Coins,’ But Declares He’s Not Investing in Them appeared first on Coinpedia Fintech News
Even with the crypto market going through a lot of ups and downs, new meme coins are starting to gain more attention and even see some big price boosts. One meme coin making headlines is Test (TST), a new coin on the Binance Smart Chain. There have been rumors that it’s linked to Changpeng Zhao (CZ), the founder of Binance. But CZ has stepped in to clear things up and address the growing buzz around TST.
CZ Sets the Record Straight About TST
CZ recently posted online to explain that TST was never officially endorsed by him or Binance. “It was just a test token used in a video tutorial,” he said. Despite his clarification, TST’s popularity only grew. “Every clarification post just made it more viral for whatever reason,” CZ jokes.
As for the listing of TST on Binance, CZ explained that he wasn’t involved in the decision. “Exchanges want to list popular coins with high trading volume,” he said. “If your coin is in demand, you don’t need to talk to exchanges. Just focus on your project.”
Is CZ Moving Away From Fundamentals?
With the rise of meme coins, many wondered if CZ was shifting his focus away from the core principles of crypto. However, CZ made it clear that this was not the case. “I’m a builder,” he said. “I always focus on fundamentals.”
Does he have any interest in meme coins? CZ said he hasn’t bought any. “I haven’t bought a single meme coin yet,” he confirmed. He also said that just because he’s not into meme coins, it doesn’t mean he’s against them. “I’ve worked hard to support many altcoins and the crypto industry as a whole, and I have the same view on meme coins.”
Why Are Meme Coins So Popular?
So why are meme coins like TST becoming so popular, especially compared to utility tokens? CZ had a few thoughts on this. He pointed out that in recent years, regulators have cracked down on utility tokens, calling them securities, which led some people to turn to meme coins as a safer option.
He also explained that meme coins are harder to value, which makes them attractive to speculators. “Things with clear value are harder to speculate on,” he said. “Memes are fun, and there’s a whole community around them.”