CZ Responds to Meme Coin Speculations After TST Incident

Changpeng Zhao (CZ), the co-founder and former CEO of Binance, recently addressed mounting rumors linking him to meme coins, clarifying that he has never invested in any.

The focus turned to CZ following the TST token surge, stemming from its mention in a tutorial by the BNB team on creating meme coins using the Four.Meme platform, which has since been taken down.

In a recent statement on X (formerly Twitter), CZ reiterated his lack of involvement in the TST surge, reaffirming his dedication to building solid foundations rather than chasing market hype.

"I have not participated in any meme coin purchases to date," CZ's post stated.

While CZ disclosed his stance against meme coins, likening them to assets like sports cars and NFTs that he does not actively invest in, he emphasized that he does not oppose their existence.

Furthermore, CZ distanced himself from Binance's listing decisions, pointing out the speed at which listings occur and acknowledging the flaws in the current process. He advised traders to be cautious of sudden price surges on decentralized exchanges before selling on centralized platforms.

Delving into the appeal of meme coins over utility tokens, CZ cited regulatory hurdles and the preference for volatile assets among speculators. He also acknowledged the community-driven and entertainment aspects of meme coins.

Despite his earlier warnings about excessive hype around meme coins, Binance's latest market report indicated a significant surge in meme coin launches, with projections suggesting a potential increase to over 100 million by the end of the year.