- Former Binance CEO Changpeng Zhao urged people to focus on creating blockchain applications with actual utility.
- CZ said he’s not against meme coins in general, but its ecosystem is now becoming populated with “weird” stuff.
- Meanwhile, Pump.fun recently paused its livestreaming feature due to public backlash.
Changpeng “CZ” Zhao, former CEO of Binance, recently reacted to the rising toxicity in meme coin culture. This was after its community had been plagued with “weird” stuff as opposed to their light-hearted and funny themes back in the day.
Zhao clarified that he was not against meme coins. However, he said that it’s about time for people to shift their focus on building “real applications using blockchain.”
Pump.fun Suspends Livestream Feature
The Solana-based Pump.fun has again landed at the center of scrutiny, particularly its livestream feature. This was after some individuals reportedly started utilizing the platform to threaten their viewers about self-harm or hurting others if a certain token did not reach their targeted price or market cap.
One of the very disconcerting cases included a user threatening to hang himself if his token failed to meet a specified market cap. Another user told people that he would shoot his dog, and a 12-year-old boy even said that he would eliminate his entire family with a shotgun.
These events sparked public outroar, leading to some groups on social media calling out Pump.fun’s attention. Most of them demanded for the platform to deactivate its livestreaming feature to prevent the proliferation of such activities. Meanwhile, others urged authorities to intervene before the situation further gets out of hand.
As a result of the growing backlash, the operators of Pump.fun eventually caved into the pressure and temporarily deactivated their controversial livestreaming tool. Along the way, it acknowledged the issue but admitted that the number of its human moderators wasn’t enough to swiftly act on potentially harmful content.
Nonetheless, the Pump.fun team promised to improve the platform’s user experience in the future by ensuring its safe and respectful environment. The group also stated that it would make its guidelines clearer while enhancing its human moderator’s presence.
Binance Hosting Rug Pulls
Despite Zhao’s statement regarding his growing disdain on the devolution of the meme coin culture, it so happened that there are still rug pull cases occurring on Binance. Among the latest rug pull incidents under the watch of Binance Futures involved the CHEEMS/BNB and WHY/BNB trading pairs.
Cheems notably peaked at a $160 million market cap before its dump, while the same thing happened on Why right above the $300 million market cap.
