The recent meme coin craze on the BNB Chain has sparked considerable controversy. A prominent figure in the crypto community criticized today on Twitter, stating that the BNB Chain relies heavily on the influence of Binance founder Changpeng Zhao (CZ) for its monetization, and pointed out the poor user experience of the Binance wallet. In response, Zhao admitted that he has never purchased a meme coin but acknowledged that the wallet experience is lacking and promised improvements in the future.
(Background: CZ apologizes! Compensating retail investors for the “Cauliflower Incident”: BNB Chain launches a $4.4 million meme coin incentive program.)
(Additional Context: Did CZ’s dog, Broccoli, cause the mess? CZ complained: unable to tweet, his words are always over-interpreted…)
The test token TST, created by the BNB Chain team for instructional videos, unexpectedly went viral this month. Originally, this token was merely deployed by the BNB Chain team as a short demonstration on the ecological launch platform four.meme. However, after Zhao retweeted an explanation on the 6th, its popularity surged. Following Binance’s listing of TST on the 9th, its market capitalization reached over $600 million at its peak on that day.
Subsequently, Zhao revealed that his dog’s name is Broccoli, which led to the emergence of hundreds of meme coins named Broccoli, further attracting market funds into the BNB Chain. Benefiting from Zhao’s endorsement effect, data from Defillama showed that trading volume on the BNB Chain approached $30 billion in the past week, with a weekly increase of 49.07%, placing it at the top among major public chains.
CZ responds to KOL criticism
However, the recent meme coin frenzy on the BNB Chain has also raised many questions. After TST received unexpected promotion from Zhao and was rapidly listed on Binance, its price plummeted shortly after listing, igniting widespread skepticism about Binance’s listing logic. Furthermore, last week, CZ did not promptly disclose his dog’s name, which led to the emergence of numerous meme coins speculating on the name, attracting many retail investors who ultimately suffered losses.
Crypto KOL Yuyue criticized today on Twitter, stating that the BNB Chain team’s professional abilities and overall quality are hard to evaluate. Observations from K-lines, price performance, and on-chain narratives indicate that it largely relies on the influence of CZ and Binance for monetization, with each informative tweet causing a price spike.
Yuyue also specifically mentioned the poor user experience of the Binance wallet, claiming that CZ himself has never installed the wallet and that his understanding of on-chain interactions relies solely on insights provided by internal staff, which explains the recent negative community feedback.
In response to the criticism, CZ tweeted to deny that he has not used the wallet but reiterated that he has never purchased a meme coin:
“I have tried many wallets. But I have never bought meme.”
“I have tried many wallets. But I have never bought meme.” ♂️
— CZ BNB (@cz_binance) February 17, 2025
Some netizens suggested that CZ should try using his own Binance wallet to buy meme coins and compare the experience with purchasing meme coins through OKX wallet. In response, CZ promised that improvements will be made:
“I have criticized them (including Trust Wallet) many times. Changes are coming.”
“I have criticized them (including Trust Wallet) many times. Changes are coming.”
— CZ BNB (@cz_binance) February 17, 2025
