A CZ-themed memecoin tied to a statue surged before Binance founder’s public warning to avoid it, illustrating the volatility and speculative risks in such tokens.
A memecoin linked to a statue of Binance founder Changpeng Zhao briefly surged after Zhao urged people via social media not to buy the token. The cryptocurrency had previously spiked 27,000% to 17.5 cents with $1.2 billion in trading volume before crashing 86% within hours amid allegations of being a honeypot contract. Zhao distanced himself from the project, calling it a 'quick buck' scheme. Over 1,100 holders were left with severely devalued tokens following its collapse.