CZ needs an extra day that Binance memecoin traders don’t have
Yesterday, billionaire Binance founder Changpeng Zhao (CZ) asked how to launch a memecoin based on his pet dog. Acting as if he truly didn’t know how memecoin launches worked, he claimed that a few hours of research on X would help catch him up on the trend.
He promised to “mull it over for a day or so.” Obviously, impatient traders jumped into action, and the topic instantaneously trended on X.
Some bought existing dog-themed coins on BNB Chain while more sophisticated internet sleuths scoured the web for old photos of CZ, friends, and coworkers in a search for his dog.
Read more: Binance moved $8 billion off its proof-of-reserves
BNB Chain traders search for CZ’s memecoin
Imposters launched fake BNB Chain memecoins to capitalize on the momentary frenzy. CZ and CZInu, as two such examples, pumped and then crashed over 90% from their highs within a few hours.
Fans begged CZ to bless existing memecoins like CaptainBNB, which doubled in price on the rumor. Another existing memecoin on BNB Chain, CLEO, gained over 35,000% on rumors that it matched the name of CZ’s pet.
Another decent guess at the dog’s name, PERRY, pumped over 9,000% for the same reason.
Whether an attempt to be endearing or a real consequence of spending a few months in prison, CZ often acts like he is not aware of the current meta in crypto.
The billionaire investor is famously limited in his trading activities, holding only BTC and BNB for many years, and consistently declining invitations to engage in active trading.
Since finishing his prison sentence and re-entering the crypto industry outside of his former Binance executive role, CZ has formed a family office to manage his substantial wealth, YZi Labs (formerly Binance Labs).
Read more: Binance founder CZ made $12B overnight when Donald Trump won
With his renewed interest in trading, CZ just made a series of market-impacting tweets that indicates he’s still learning the best way to behave as a wealth manager.
As of publication time, CZ has continued to play dumb about the effect his tweets would have and has not endorsed any particular memecoin.
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