- CZ denied any ties to TST, clarifying it was a test token with no Binance endorsement.
- Memecoins remain popular despite market volatility, with new tokens gaining rapid attention.
- He emphasized his focus on fundamentals while acknowledging memecoin cultural significance.
Despite fluctuations, new meme tokens are listed constantly in the market, garnering investor interest. The latest entrant, Test (TST), has garnered significant attention among users and social platforms. Built on the Binance Smart Chain, the token gained popularity, leading to speculations on its connections with former Binance CEO, Changepeng Zhao (CZ).
CZ Addresses Rumors
Regarding the increasing rumors, CZ stated in an X post on Sunday that he was not affiliated with TST and that it was only a token used for a video. In response to the controversy surrounding TST, CZ clarified that the token was never affiliated with Binance and did not have his or the company’s backing.
CZ’s intensified activity sparked agitation and doubt about whether he was shifting his focus away from his core projects. However, he strongly denied this by reiterating that his priorities are still set as before and stated, “I am a builder. I always focus on fundamentals”.
Discussing his perspective on meme coins, Zhao stated that he had not invested his money in meme coins, but he emphasized the basics of investing. Further, he reiterated that he does not consider himself an opponent of meme coins and at the same time, is not an active participant. He compared it to other assets like sports cars, art, and NFTs, which he does not invest in but is not against either.
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TST Binance Listing
Moreover, after TST was listed on Binance, it strengthened speculations of CZ involvement. However, Zhao stated that he did not have anything to do with it, and added that it is a common market practice where exchanges host tokens to attract a high volume of trade.
CZ also shared his views on why meme coins endure, stating that the crackdown on utility tokens is the reason behind it. As developers got cautious of the risks in utility tokens, meme coins emerged as an option. He also noted that speculation is a significant component of trading activity where some participants are more willing to invest in relatively unsafe and risky assets than valuable stocks.
Even though CZ admits the potential of meme coins as ambiguous, he recognizes their cultural value. He acknowledged that meme-based tokens are supported by their respective communities and urged others not to underestimate its power and emphasized that the key factor shaping the future of crypto will be the balance between fundamentals and hype.
