In a crowded memecoin market, projects are eager to jump on every trend. Just hours after Binance founder Changpeng Zhao (CZ) showed his pet dog on X, multiple tokens emerged on the market. However, not all of them were by people with good intentions.
One of these tokens, CZDOG, is already suspected to be a potential rug pull. Just minutes after launch, the token reached a staggering valuation.
However, the party didn’t last long, as a potential insider dumped $6 million worth of tokens just minutes after launch.
Similarly, after the Binance CEO posted a picture of his dog broccoli, a BNB-based CZ’s DOG (Broccoli) token based on the dog’s name was launched.
Just minutes after launch, the token reached a staggering valuation of $8 billion. However, it quickly crashed, leaving traders with huge losses. Trader WazzCrypto pointed out the likely reason for this crash.
He found that one trader sold $6 million in tokens just 10 minutes after launch. It is so far unclear whether or not the trader is an insider. However, CZ earlier stated that he wouldn’t have any involvement with similar projects, which he leaves to the “community.”
Is CZ Connected With Broccoli Memecoins?
When Binance founder Changpeng Zhao (CZ) mentioned he had a pet dog, multiple people in the crypto community asked about it. Some expressed the idea of creating a memecoin from it.
Seemingly reluctant at first, on Thursday, February 13, CZ shared his dog’s picture. CZ later invited those who wanted to create memecoins about the token, even stating that he might interact with some of them. However, he clarified that he is not involved in any of the projects.
“I am just posting my dog’s picture and name. I am NOT issuing a memecoin myself. It’s up to the community to do that (or not). I will likely interact with a few of the more popular meme coins on BNB Chain (BSC),” CZ said.
The idea for creating the Broccoli memecoin was likely inspired by Elon Musk’s Floki. His picture of the Shiba Inu inspired the Floki memecoin, which he later engaged in.
Thanks to its association with Elon Musk, Floki is now the sixth-largest memecoin.
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