Binance Founder CZ Comments on DOYR Meme Token Surge
Binance leaders caution traders about extreme volatility after BNB Chain’s DOYR meme token skyrocketed over 170x, then plunged to nearly half its peak market value.
BNB
Summary
BNB Chain meme token DOYR soared more than 170 times in value, reaching a peak market cap of $25 million before dropping to $13.66 million. Trading volume totaled $37.66 million. Binance co-CEO He Yi and founder Changpeng Zhao warned of the inherent risks and high volatility in meme token investments.
Terms & Concepts
- Meme coin: A cryptocurrency created mainly for entertainment or as an internet joke, often driven by online trends rather than fundamental utility.
- Market cap: The total value of a cryptocurrency, calculated by multiplying its price by the circulating supply.
- DOYR: A community-created meme token that emerged from a social media typo, with no confirmed utility.