Binance founder Changpeng Zhao (CZ) has issued a stern warning to cryptocurrency investors not to purchase a new meme coin that has been launched to capitalize on his fame. He specifically highlighted the financial risks associated with trading tokens that are related to celebrities but lack real blockchain application value.
The meme coin emerged after a fan page built a golden statue for Changpeng Zhao, which shared photos and proposed to gift the statue to the founder of the world's largest cryptocurrency exchange.
In a post on the X platform on Wednesday, Zhao warned users against buying the meme coin associated with the statue, pointing out that the token's issuance suggests that the creators may simply want to "quickly profit from my interaction."
"While I want to express gratitude for this gesture, the emergence of the related meme coin indicates that the creators may just want to quickly profit from my interaction," Zhao stated. "This is behavior I do not appreciate. Do not buy this meme coin."
The latest meme coin themed around Zhao has not brought profits to its holders.
According to data from crypto intelligence platform Nansen, the CZ Statue (CZ STATUE) meme coin peaked at a market value of $5.1 million around 10:00 UTC on Wednesday, only to plummet 86% in price within hours.
Adding to market concerns about the meme coin, over 15% of the token supply is held by a newly created cryptocurrency wallet, which Nansen's analysis suggests may indicate insider trading, constituting a "red flag" for its token economics.
Despite lacking practical value, meme coins on the BNB chain had created new millionaires for crypto traders earlier this month, until a record $19 billion liquidation event halted much of the speculative enthusiasm driving these tokens.
Since meme coins rely entirely on social momentum to drive up prices, achieving positive returns is often purely a matter of luck.
According to Cointelegraph, in early October, a lucky crypto trader turned an initial investment of $3,000 into $2 million, achieving an astonishing 650x return, after a post by Changpeng Zhao caused the value of a BNB native meme coin to skyrocket.
Related: "New York Post": Changpeng Zhao (CZ) considers suing U.S. senators over money laundering allegations
Original article: “Bizarre Golden Statue Meme Coin Crashes 86%, CZ Warns Against Buying Meme Coins”
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