Binance Founder CZ Disowns CZStatue Meme coin After 27000% Surge

Binance founder Changpeng Zhao has publicly denounced the new meme coin called CZSTATUE, which soared by over 27000% within hours of its launch.

In a post on X, CZ discussed a new BNB Chain token called CZSTATUE, which was created in his name. He warned people not to buy it, as the token appeared to be a money-making scheme rather than a genuine tribute.

Zhao joked that making a statue wearing a T-shirt with his face shows ego more than admiration. He made the comments as the CZSTATUE coin was trending online, and many investors were trading it for quick profits.

CZSTATUE Crashes 99% Following Market Spike

Despite Zhao’s warnings, trading activity around CZSTATUE skyrocketed right after his post. The coin’s value briefly hit $6.8 million, jumping from $3 million to $4 million in just an hour, with $20 million traded in a day before it quickly crashed. 

According to Nansen reports, the CZSTATUE lost 99% of its value within hours, falling from $5.1 million valuation to almost zero levels.

Meanwhile, analysts raised concerns that more than 15%  of CZSTATUE’s tokens were held in a newly created wallet, hinting at a possible insider manipulation or unfair token setup.

BNB Chain Meme Coins Gain Momentum

The launch of CZSTATUE occurred during a significant surge in BNB Chain meme coins. The network became very active after Changpeng Zhao praised the community’s creativity, which led to many new BNB projects trending on decentralized exchanges.

One example is Giggle, connected to Zhao’s charity project, Giggle Academy, which jumped over 700% to reach a new all-time high. The project reportedly raised $5.5 million to support free education programs by converting over 1300 BNB from trading fees into funding.

In addition, Zhao’s presidential pardon also brought positive sentiment for the community and boosted projects linked to the Binance exchange.