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Binance CEO Speaks on Meme Coins: ‘I Never Understood’ Them

2 mins
Updated by Ali Martinez
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In Brief

  • Binance CEO Changpeng Zhao recently stated in a Twitter Spaces interaction that he never understood meme coins.
  • The founder of the largest exchange by trade volume explained why he doesn't involve himself in the listing process.
  • In the last few days, a surge in meme coins like PEPE ignited speculative interest in cryptocurrencies.
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Binance CEO Changpeng Zhao recently stated in a Twitter Spaces interaction that he never understood meme coins and that a separate team makes listing decisions.

The founder of the largest exchange by trade volume explained why he doesn’t involve himself in the listing process. He stated, “I’m deliberately not involved in Binance’s listing process.”

Zhao Removes Himself From Listing Decisions

Changpeng Zhao remarked that he doesn’t want to participate in the listing process because he doesn’t want to and doesn’t have the time to do so.

Despite this, he says he is not against meme coins. Zhao added,

“I personally never really understood meme coins. There are many successful people who do seem to understand them, including Elon Musk, and others, so we go by users.”

According to CZ, Binance relies on the interest and trading volume around meme coins for the listing decision. However, he did mention that Binance refrains from listing purely based on hype.  

The Binance Effect is Real

The listing has also added to the value of meme coins in the past. For instance, Floki Inu’s listing on Binance earlier caused its price to spike by as much as 50%.

Floki Inu FLOKI Price | BeInCrypto
Floki Inu FLOKI Price | BeInCrypto

The top boss of the exchange explained that a separate team assesses listing, just like in the case of SHIB. He said,

“We listed SHIB, and it’s actually one of the coins on Binance with higher trading volume. So we’re not against meme coins. We’re not against any coin. “

In the past week, a surge in memecoins like PEPE ignited speculative interest in cryptocurrencies before it began to cool off. Pepe’s price surged to nearly 38,900% since its launch on April 14 on the back of a social media frenzy.

Meanwhile, DOGE and SHIB have moved sideways. They have remained almost muted in the last 24 hours after meme coin ‘dump’ took over.

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.
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