Changpeng Zhao, the founder and former CEO of the world’s biggest cryptocurrency exchange, Binance BNB/USD, said he will consider a community suggestion of creating a meme coin based on his pet dog, calling the idea “pretty interesting.”
What Happened: Zhao, popularly known as CZ, sounded intrigued by the idea of creating meme coins themed on pets and animals out of thin air.
“Honest newbie question. How does this work? I share my dog’s name and picture, and then people create meme coins? How do you know which one is “official”? Or does that even matter?” CZ asked his followers.
In response, popular cryptocurrency trader SlumDOGE Millionaire said that the one CZ chooses to promote becomes the official one.
After scanning through other responses, CZ said, “Pretty interesting how things work.”
“Will mull it over for a day or so, as usual for big decisions. Respect his privacy, or dox the dog for the cause,” CZ made a cheeky remark. He also said that he might interact with some memes on the BNB Chain.
Dog-themed cryptocurrencies have been a big hit, with Dogecoin DOGE/USD and Shiba Inu SHIB/USD spawning multi-billion dollar valuations over the years.
See Also: Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap
Why It Matters: CZ’s consideration comes in the wake of a growing trend of celebrity-endorsed cryptocurrencies, with some celebrities even promoting memecoins themed after themselves.
Barstool Sports founder Dave Portnoy has been promoting meme coins that poked fun at him and also made significant investments in them.
However, not all celebrities are on board with this trend. Rapper Kanye West, for instance, has expressed his disdain for such coins, stating that they prey on fans with hype.
A meme coin launched by viral influencer Haliey Welch of the “Hawk Tuah” fame in December became a subject of controversy after it pumped and dumped, causing millions in losses to holders.
Photo Courtesy: ddRender on Shutterstock.com
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