In a recent chat on the Meme coins, Changpeng Zhao, the CEO of Binance, stated that there is no black and white when it comes to these coins.
In the chat, the Binance CEO offered many details about his experience and beliefs in crypto. Zhao argues that a large enough number of individuals make meme coins lucrative and that Binance coins account for the majority of his holdings.
Binance is a well-known crypto exchange in the crypto market, with a reputation for providing high-level crypto trading services to its customers.
This year, the trade was subjected to intense monitoring by many countries’ regulars. However, the exchange is currently attempting to develop and update the system of operations for its crypto business in order to comply with the laws and regulations set forth in the global crypto framework guidelines.
Zhao commented on meme currencies, specifically Dogecoin, stating that it is an advantaged-based Decentralised technology initiative.
Dogecoin had a lot of uncertainty in the past, but it is now steady at a certain price range, just like other assets.
As a result of Dogecoin’s success, additional coins such as Shiba Inu and FLOKI were created.
DOGE (Dogecoin) is an open-source, peer-to-peer cryptocurrency that was meant as a joke meme coin as well as an altcoin introduced in December 2013.
The blockchain of Dogecoin maintains value regardless of the fact that it was designed as a hoax.
It is built on Litecoin blockchain technology. Dogecoin, which uses the scrypt algorithm, is renowned for its low price and endless supply.
It is well known that the Dogecoin team attempted to improve Dogecoin in order to propel it toward use cases.
The Binance CEO Zhao, on the other hand, believes that current use cases and developments cannot alter Dogecoin’s core theme, for which it was created in the first place.
Zhao also stated that the community is the key basis for Dogecoin’s value. This community functions similarly to a trust system, in which if one person wants to sell, others should buy.
Zhao also stated that a significant number of people are involved in Dogecoin and that these individuals are to blame for the market’s excessive liquidity. The more the liquidity, the greater the degree of neutrality.
When asked if he believes Dogecoin is a bubble, the Binance CEO responded that some people even call Bitcoin a bubble. However, one crucial difference between Bitcoin and Dogecoin may be seen here.
The price of Bitcoin has fallen numerous times before rising to an all-time high, but this is not the case with Dogecoin.
Featured Image: Changpeng Zhao, Binance CEO
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