In a candid revelation on social media platform X, former Binance CEO Changpeng Zhao (CZ) disclosed that he has never purchased meme coins throughout his career in cryptocurrency, maintaining his focus on fundamental value rather than market trends.
"I haven't bought a single meme coin so far," stated CZ in his post, while clarifying that he holds no opposition to these digital assets. He drew parallels between meme coins and other investment options like sports cars, art pieces, and NFTs - all categories he personally chooses not to invest in.
The statement came amid discussions surrounding recent market events and Binance's token listing practices. CZ acknowledged issues with the exchange's current listing process, particularly the brief four-hour notice period before new tokens go live. This short window often results in price surges on decentralized exchanges before centralized trading begins.
Addressing the growing popularity of meme coins, CZ offered insights into why investors are drawn to them. He pointed to regulatory pressures on utility tokens as one factor pushing projects toward meme-based assets. The former CEO also noted that traders are naturally attracted to volatile assets that offer more trading opportunities compared to stable-value tokens.
While maintaining his personal investment strategy, CZ recognized the cultural impact of meme coins and their strong community following. His stance reflects a balanced view - acknowledging the phenomenon while staying true to his investment principles.
The timing of CZ's comments is particularly relevant as the meme coin market continues to expand rapidly. Recent market data suggests over 37 million tokens have been launched, with predictions indicating this number could reach 100 million by the end of the year.