CryptoQuant CEO issues ‘public apology’ to memecoiners

CryptoQuant’s CEO and former critic of memecoins and their communities, Ki Young Ju, recently issued an apology for his previous comments in a post on X (formerly Twitter). He stated, “I misunderstood memecoins but now see their value.”

For a long time, Ki Young Ju believed memecoins were one of the most volatile investments in the cryptocurrency market. He shared a similar perspective with many others who have warned against their speculative and high-risk nature, including Binance’s CEO, Changpeng Zhao (CZ) and Ethereum co-founder, Vitalik Buterin.

Despite the criticisms, memecoins continue to defy logic, gaining viral popularity for the most unlikely reasons. Whether based on internet jokes and memes or celebrities and personalities, these tokens have the potential to hit incredible heights or plummet to obscurity in record time.

People like Ki Young Ju prefer the stability of fundamentally sound projects over the short-irrational hype and unpredictable nature of memecoins.

CEO Ki Young Ju’s past criticisms

The CEO of CryptoQuant, Ki Young Ju, who has long been openly critical of those kinds of cryptos issued a public apology for his previous remarks to the community behind these meme-based cryptocurrencies.

I’d like to publicly apologize to memecoiners.

I misunderstood memecoins but now see their value. A good memecoin builds a community that creates social value. Without a community or if harmful, it’s a scam.

Investing in socially beneficial communities is worthwhile. https://t.co/zooH2EflsH

— Ki Young Ju (@ki_young_ju) January 21, 2025

In one comment from March 2024, Ki Young Ju voiced strong concerns about the growing popularity of memecoins, stating that they “harm the crypto industry” by overshadowing legitimate projects.

Ju warned that the pursuit of quick profits through memecoins could deter meaningful progress in the industry. The CEO also compared memecoins to the projects of the ICO era back in 2018 that failed to deliver any meaningful value to investors.

Ju previously stated that the market was gearing toward gambling rather than fostering innovation and building tangible solutions.

Ki Young Ju is convinced about memecoins

While the plot twist was not up the proportions of the US president and first lady launching memecoins, Ki Young Ju’s past frustrations added to the spectacle around his recent posts, in which he appears to have made a U-turn on his opinion of memecoins.

Following events that unfolded after newly inaugurated President Trump’s surprise launch of his token TRUMP, Ju changed his stance in a post, saying, “Meme coins are the spiritual energy of internet society.”

This unusual post from Ju was quickly called into question by members of the memecoin community, who wondered why he had changed his stance and whether or not he would apologize for his previous statements.

In response, Ju issued a public apology and acknowledged the role memecoins play in the crypto ecosystem.

“A good memecoin builds a community that creates social value. Without a community or if harmful, it’s a scam. Investing in socially beneficial communities is worthwhile,” he said.

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