Changpeng Zhao, founder of Binance, identified Dogecoin as the most resilient memecoin among the asset class, citing its longevity and a relatively large market capitalization of $20.6 billion. Dogecoin ranks among the top ten cryptocurrencies and trades at about $0.12, Zhao said. He added that tokens with strong cultural significance tend to remain relevant longer than others. However, he expressed far less optimism about most other memecoins and recently urged his followers not to buy memecoins created as jokes based on his remarks.
Speaking at the World Economic Forum in Davos, Zhao said Bitcoin and other digital assets have still not achieved widespread use in everyday payments. He noted, however, a positive trend. Thus, consumers are increasingly using crypto cards, which convert digital assets into traditional currencies, enabling merchants to receive dollars or euros. That, he said, indicates gradual integration of cryptocurrencies into existing payment infrastructure.
Zhao also flagged the fragmented regulatory framework for crypto firms. Differing rules across jurisdictions hinder the creation of a unified international framework. As a solution, he proposed a regulatory passport system under which licenses issued in one country would be recognized by others. He argued that this approach would be more effective than establishing a centralized global regulator.
The issue is rising on European regulators’ agendas. France’s AMF, Italy’s CONSOB, and Austria’s FMA have proposed that the European Securities and Markets Authority should take supervisory responsibility for large crypto firms.
