Changpeng Zhao Disowns Meme Coin After Massive Surge and Collapse
- The newly launched meme coin, CZSTATUE, surged over 27,000% shortly after its debut.
- Changpeng Zhao publicly warned against purchasing the token, calling it a money grab.
- CZSTATUE briefly reached a market cap of $6.8 million before plummeting to near-zero.
- The token generated around $20 million in trading volume within just one day.
- Analysts noted that over 15% of the supply was held by a single wallet, raising concerns about manipulation.
Zhao’s remarks came amid a broader rally in BNB Chain meme coins following his praise for community creativity. Other tokens like GIGGLE also saw significant gains during this period.
Despite its initial success, CZSTATUE lost 99% of its value within hours of peaking, highlighting the volatility in the meme coin market.(Source)
