Meme coin market cap reaches $123 billion, despite concerns over utility and market volatility. Changpeng 'CZ' Zhao, Binance founder, criticizes the current meme coin ecosystem, urging the blockchain community to focus on building real-world applications rather than speculative tokens. Zhao's comments follow Binance's launch of futures for new meme tokens, WHY and CHEEMS, which saw a notable price drop shortly after.
While some memecoins offer genuine humor, the majority lack any substantial utility. Memecoin creation has become easier, with platforms like Solana’s Pump Fun and Tron’s Sun Pump driving growth, even surpassing Ethereum in some transaction milestones. However, two-thirds of memecoins promoted by influencers fail to show long-term potential, with 86% losing 90% of their value within three months. Despite these issues, memecoins remain popular among the crypto community