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Meme frenzy causes chaos! CZ calls it a "bull market issue," while renowned developer Andre Cronje says the market is just too boring.

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Meme frenzy causes chaos! CZ calls it a "bull market issue," while renowned developer Andre Cronje says the market is just too boring.

Why is everyone hyping meme coins now? This has caused fluctuations in on-chain gas fees, transaction congestion, and complaints all around. Renowned developer Andre Cronje, who rose to fame during the DeFi era, has stepped forward to explain this issue, while Binance CEO CZ has also shared some insights.

Why is everyone hyping meme coins?

Andre Cronje, co-founder of Fantom, explained today about the current craze surrounding meme coins. He stated that real projects react based on fundamentals, but their actions are slow and require sustained effort over time.

Comparing the current phenomenon, Andre described them as eye-catching junk or "Attention spam," designed for short-term, quick-changing content. Meme coins, for example, lack fundamentals and can react quickly in a short period of time. Therefore, meme coins easily attract attention and encourage people to participate.

"The market is currently in a boring and dull period, where people want to 'do something' to make them 'feel something.' However, it might just be people's desperation and greed. It could be both," said Andre Cronje.

CZ: Bull Market Issues?

After Andre shared his views, CZ, the founder of Binance, also summed up the current phenomenon, but his perspective differs from Andre's.

After pointing out market issues such as rising gas prices, congested trading, increasing fees, and people's complaints, CZ added, "Bull market issues..." followed by a shrug emoji, seemingly indicating that these are the phenomena a bull market faces.

Additionally, he urged the community to look at the bright side, as at least blockchain is still faster and cheaper than fiat currencies.

Is the Bull Market Really Here?

By observing the data on Coinmarketcap, it can be seen that in the recent meme hype over the past few weeks, excluding stablecoins, the top 10 coins have not performed well. BTC has only risen by 0.32% in the past month, while ETH has dropped by 0.52%. The best performers are SOL and TRX, but both have risen by less than 4%.

Therefore, the so-called bull market causing various internet issues mentioned by CZ does not apply to most coins, but only to meme coins that are popular among the crypto community.