CZ Affirms Elon Musk’s Backing Prolonged Dogecoin’s Existence
Binance CEO Changpeng Zhao expressed surprise at the long-lasting popularity of meme coin Dogecoin, during an “ask me anything” session on Twitter Spaces. While he had expected the joke cryptocurrency to fade away a long time ago, Zhao credited Tesla CEO Elon Musk with extending Dogecoin’s life by promoting the coin. The Binance CEO also admitted that he didn’t fully understand the appeal of meme coins, which are currently having a resurgence in the crypto market, but said the company listed them based on user engagement, trading activities, and demand. Zhao’s comments followed a few weeks after he explained Binance’s meme coin listing process, stating that if a coin has a lot of users trading it and they’re interested in it, the exchange would likely list it, but if it only lasted for two weeks, then it probably wouldn’t. Zhao also discussed the potential high risks associated with such coins. At the time of writing, DOGE was trading at $0.073, down 1.78% in the last 24 hours.
About The Author
