Binance founder Changpeng Zhao (CZ) has publicly distanced himself from a newly launched token impressed by him. The brand new meme coin named “CZSTATUE” has skyrocketed by over 27,000% inside hours of its launch earlier than collapsing virtually completely.
Changpeng Zhao Disowns “Golden Statue” Meme Coin
In a put up on X, Changpeng Zhao addressed the sudden emergence of a BNB Chain token named CZSTATUE, created in his honor. The previous Binance CEO cautioned customers in opposition to buying the meme coin. He emphasised that the undertaking seemed to be a cash seize quite than a real tribute.
“Whereas I recognize the gesture, it’s clear the creator simply wished to make a fast buck from an interplay with me. That is one thing I don’t recognize. Don’t purchase the meme,” Zhao wrote.
Zhao additionally joked concerning the absurdity of getting a statue and even sporting a T-shirt together with his personal face on it, including that such conduct displays “ego” quite than admiration. His remarks got here simply because the coin was gaining traction on-line. The token noticed immense speculative buying and selling amongst retail buyers.
The discharge of CZSTATUE coincides with a broader rally throughout BNB Chain meme cash. The chain gained large traction after Changpeng Zhao praised the neighborhood’s creativity earlier within the month. After this put up, quite a few BNB-based tasks started trending on decentralized exchanges.
CZSTATUE’s Speedy Rise and Sudden Collapse
Regardless of Zhao’s warning, buying and selling exercise round CZSTATUE exploded shortly after his put up. The meme coin briefly reached a market capitalization of $6.8 million, climbing from $3 million to $4 million inside an hour. In keeping with information, the token generated $20 million in 24-hour buying and selling quantity earlier than plummeting virtually as quick because it rose.
Crypto analytics agency Nansen later reported that CZSTATUE had misplaced 99% of its worth inside hours of peaking, dropping from a $5.1 million valuation to near-zero ranges.
Analysts flagged issues concerning the coin’s token distribution. Over 15% of the provision was held by a newly created pockets, suggesting doable insider manipulation or unfair tokenomics.
Notably, many BNB meme cash recorded large good points within the month. For instance, GIGGLE, a meme coin linked to Zhao’s charitable enterprise, Giggle Academy. The token noticed unimaginable good points earlier within the month, hitting a brand new all-time excessive. The meme coin rallied by over 700%.
The undertaking additionally reportedly raised $5.5 million in free academic applications by means of its buying and selling charges, changing greater than 1,300 BNB into funding for the initiative.
The previous Binance founder’s Presidential pardon additionally introduced constructive sentiment for the neighborhood. This additionally introduced good points to the exchange-backed tasks.
