‘Don’t buy the meme,’ warns CZ, as bizarre golden statue memecoin crashes 86%
Binance founder CZ warned investors against buying a new, rapidly crashing memecoin themed after a fan-made golden statue of him.Summary
Binance founder Changpeng “CZ” Zhao cautioned crypto investors against purchasing a new memecoin that capitalized on his popularity and a fan-made golden statue, warning that creators likely intended to "make a quick buck off an interaction." The token, CZ STATUE (CZ STATUE), crashed 86% within hours of launching, peaking at a $5.10 million market capitalization before plummeting. Further concerns arose as Nansen data indicated that over 15% of the token supply was held by a single, newly created wallet, signaling potential insider activity. Zhao explicitly stated his disapproval of the token creation, advising users, "Don’t buy the meme," highlighting the risks associated with celebrity-linked tokens lacking real blockchain utility.
(Source：Cointelegraph)