Changpeng Zhao the 26th richest man in the world and the former CEO of Binance has recently opened up over memecoin in a recent X post. He wrote ” I am not against memes, but memecoins are getting a little weird now,” adding ” Let’s build real applications using blockchain.”
During the peak day of Binance of Binance, Changpeng Zhao served as the chief executive officer, yet after allegations of failing to maintain an effective anti-money laundering (AML) program which he signed from the post.
Following his step down from the position, he was arrested by enforcement agencies for allowing bad actors to launder money over Binance.
The statement of Zhao came after a fresh reversal in the trading prices of memecoins such as Dogecoin and Shiba Inu with the historical victory of Donald Trump in the presidential elections of the United States.
It is worth noting that since the opening of this year writing memecoins like Floki, Pepe, Doge, Shiba, and Dogs including a few others have gained major traction. The victory of Donald Trump has helped the meme coin market to establish its strong foot in the wider crypto space.
Will Memecoin Will continue to grow after criticism?
In terms of trading price in the memecoin category, Dogekiller is the leader however Doge is the most traded memecoin.
Earlier it was speculated that memecoins gained traction amid market volatility in other cryptocurrency sectors such as layer-2 solutions and storage. The rising negative sentiment toward tokens backed by venture capital funds has created challenges for retail traders, dampening their prospects in the market.
BTC’s current price is trading above the 20, 50, 100, and 200-day EMAs. However, its trading volume reflects neutral to bearish movements, suggesting potential price action below the $94K level.
It is not the first time that the memecoin market has been criticized, earlier the co-founder of Ethereum took a skeptical look over memecoin and went on terming them that they no have real real-life use cases.
The back-to-back bullishness in the memecoin category has pushed the memecoin market capitalization above the mark of $104 billion. Doge has the largest market cap share, followed by Pepe at 14 percent, Bonk at 12 percent, and Shiba Inu at 10 percent.
Crypto Market Price Updates
In the past 24 hours the cryptocurrency market capitalization has lost 5.3% reaching $ 3.24 trillion at the same time Bitcoin lost around 6 percent reaching below the mark of $93k.
After the announcement of election dates till November 23 Bitcoin continued to grow and most recently it registered its all-time high just below the milestone of $100k.
As per finance experts, the cryptocurrency market is expected to grow at an appreciable pace in the coming times and might cross the mark of $ 5 trillion market capitalization by the first quarter of 2026.
Despite Bitcoin’s decline over the past 24 hours, Ethereum held steady above $3,400, recording a 1.06% gain during the same period. The Fear and Greed Index, powered by CoinMarketCap, stood at 83, indicating strong greed in market sentiment.
