$4 Memecoin's Wild Ride: From Hack to Community Takeover

The controversial $4 memecoin has taken the crypto market by storm, skyrocketing to a $400k market cap after getting support from Binance founder Changpeng Zhao. This significant development has sparked both excitement and anxiety.

The $4 memecoin, born from a BNB Chain hack and later seized by the community, has experienced a wild ride following CZ's endorsement. After skyrocketing in value, the token has now plunged, leaving investors reeling. Meanwhile, CZ 's backing has ignited a firestorm of controversy alongside the hype.

Market Cap Skyrockets

The BSC Memecoin $4 has been gaining significant attention since its launch. Interestingly, the token was created by the BNB Chain hacker but was later taken over by the community. As Binance founder Changpeng Zhao has also shown his support for the crypto, it exhibited an amazing rally, with its price hitting $0.0001253 and market cap surging past $200k.

According to an X post by Wu Blockchain, Binance Alpha has listed the $4 memecoin. In an official post, Binance shared a cryptic message, which read “1111.” While not explicitly stated, the community saw this as a sign of the exchange's strong backing for the meme-based cryptocurrency.

As of press time, the $4 memecoin is valued at $0.0001032, down by 8.45% in a day but up by 8.7% over the last two days. The market cap has now reached $412k, underscoring the crypto’s massive growth within a short span of time. However, the speculative nature of the coin leaves traders and investors pessimistic about it, which is evident in the 27% fall in the trading volume, currently at $13.17k.

According to Wu Blockchain, the second-largest holder of the cryptocurrency, with the address 0xce...4c07, invested $68,700 at $0.00109 per token, acquiring 6.31% of the supply. This investment has yielded unrealized gains of over $11 million, representing a staggering return of 16,100%.

Zhao’s Support Sparks Controversy

In spite of the dominant hype, Zhao's support has remained largely speculative and controversial. The mainstream community noted that he has long employed the "4" as an anti-FUD (fear, uncertainty, doubt) signal, which brings an interesting dynamic to Zhao officially endorsing the $4 meme crypto. Critics have raised red flags over Zhao promoting this token just after the community takeover, without really knowing what he thinks. A few members suggested links to CZ is involved in the BNB Chain hack .

Within all the insanity, the future of meme crypto seems bleak, as its speculative price movement and volatility allow investors to rightfully feel reeling. As the crypto community moves forward, reconciling the reality of CZ's involvement and the legitimacy of the $4 token, one thing is certain: the $4 memecoin is now a topic of conversation surrounding meme coins, market manipulation, and the influence of public figures in the cryptocurrency space.