Binance founder Changpeng “CZ” Zhao has warned crypto investors not to buy a new Memecoin launched to capitalize on his fame, warning against the financial risks of celebrity-related trading that has no real blockchain utility.
Memecoin appeared shortly after a fan page built a golden statue of Zhao, sharing photos and offering to send it to the founder of the world’s largest crypto exchange.
Zhao warned Users in a Wednesday X post that did not buy the memecoin associated with the statue, since the launch of the token signaled that the creators were looking to “make a quick avoidance of a contact” with the founder.
“While I want to appreciate the gesture, the fact that there’s a meme coin associated with it means the creator probably just wanted to make a quick bud out of me,” Zhao said. “This is something I don’t appreciate. Don’t buy the meme.”
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“Golden Statue” Zhao crashed 86% in a few hours
The launch of the latest Zhao-themed Memecoin has not proven to be beneficial for its holders.
CZ Statue (CZ Statue) Memecoin price fell 86% in a few hours after it hit a $5.10 million market capitalization around 10:00 am UTC on Wednesday, according to the Crypto Intelligence Platform Nansen.
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Adding to the concerns surrounding memecoin, more than 15% of the token’s supply is held by a newly created cryptocurrency wallet, which signals potential insider activity and marks a “red flag” for its tokenomics, according to Nansen.
Despite their intrinsic lack of utility, BNB Memecoins New millionaires created Crypto traders before a Record $19 billion liquidation The event earlier this month stopped much of the speculative appetite for fuel that fueled these tokens.
Since memecoins rely solely on social momentum to rally, making a positive return is often a question of luck.
At the beginning of October, a lucky crypto entrepreneur became the initial investment of $3,000 to $2 million.
https://www.youtube.com/watch?v=WGHCN7DE9LG
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