Meme coins dominate the cryptocurrency market. While several assets have been around for quite some time, meme coins’ appeal is impeccable. The OG meme cryptocurrency Dogecoin (DOGE) and the most recent one, Shiba Inu (SHIB), opened the doors to hundreds of new coins of a similar category. Amidst this, Binance’s founder Changpeng Zhao (CZ) expressed his concerns about the growing meme coin market.
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Meme Coins a Big Nay For CZ?
In a recent post on X, the former CEO of Binance revealed that he wasn’t against memes. Clearly CZ has been a fan of memes. But the concept of meme coins isn’t settling well with Binance’s boss. He went on to say that these coins were getting “a little weird now“. It should be noted that Binance introduced two BNB Chain meme coin futures yesterday. But the price plummeted immediately following the announcement.
The overall meme coin market cap is currently at $119,810,754,253. This comes after a 7.4% drop over the past 24 hours. Assets like Dogecoin, Shiba Inu, and PEPE are the largest coins in this particular market.
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76% of Crypto Influencers Promoted Failed Coins
According to a recent analysis, there is a significant failure rate in the link between meme coins and social media influencers on X. Only a small portion of meme coin promotions achieved exponential growth, according to the study. Only 1% of these promotions doubled the token’s value. Considering the buzz that X influencers are creating for these promos, it is a sad rate. The performance of over 1,500 meme coin campaigns made by 377 X influencers was studied as part of the analysis.
The study further noted that over 76% of X influencers endorsed the now-defunct memecoins. The results, which indicated that most influencers pushed “dead tokens,” only highlight the negative aspects of meme coins.
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