Binance CEO Changpeng “CZ” Zhao recently spoke negatively about Elon Musk and dogecoin (DOGE). CZ is amazed at the longevity of the infamous meme project and pointed out to Musk that he is responsible for keeping the project alive. Zhao mentions the memecoin controversy during a ask me anything (AMA) session on Twitter. He says the following about this:
“One memecoin that really surprised me was actually dogecoin. It has had super long lasting power. I thought it would be long gone. But Elon Musk clung to it and possibly extended his lifespan.”
Changpen Zhao points to Dogecoin’s lack of utility
In his statement, the Binance CEO pointed to Musk’s strong opinion when it comes to Dogecoin. The memecoin, with the famous Shiba Inu dog as a mascot, was created in 2013 as a joke. Even the then inventor of Doge saw little benefit in it.
Musk started tweeting about the project from 2019 and even bought some Doge for his son. His tweets have had a significant impact on the price of the token and it currently holds the ninth position of the largest crypto by market capitalization. CZ, on the other hand, emphasizes the importance of use value and declares that he personally bitcoin (BTC) and owns Binance’s own build ‘n build (BNB) token. CZ is also less enthusiastic about the recent craze for such memecoins:
“It is what it is. At the moment they seem to be popular. But having said that, I think they are very high risk.”
Is Elon Musk serious about Dogecoin?
Whether Musk actually believes in the dog mascot is not always clear. The Twitter CEO (not for long) has pulled off striking stunts on several occasions. In January, Musk insinuated that the fast food chain McDonald Doge as a means of payment. One of his recent stunts is changing the Twitter logo with that of dogecoin’s mascot. Musk’s actions have many consequences for the dogecoin price. In the latter example the price even rose by 30%.