In a major announcement, Binance founder Changpeng Zhao (CZ) has announced that he wishes to compensate victims of TST tokens as well as the BROCCOLI tokens, both of which faced massive pump and dump over the past week and so. With links to CZ, both these tokens have plummeted 60-80% from their peak over the past week, creating major market panic.
Binance Founder CZ to Donate to TST and BROCCOLI Victims
Binance founder Changpeng Zhao (CZ) has recently landed in the middle of the meme coin frenzy by building hype around his dog name BROCCOLI, which led to the creation of several meme coins under this name thereby triggering a major pump and dump.
Although the meme coin CZ’s Dog BROCCOLI price shot up by 160% initially on launch, the token has plummeted more than 75% from the peak causing a large number of investors to lose money in FOMO.
CZ has now decided to do some course reversal by helping the victims of these meme coins. On Tuesday, the Binance founder donated a total of 150 BNB worth around $100,000 to a university student who had already contributed $50,000 of his own funds to assist victims of the Libra project. Furthermore, CZ noted that this student appeared to have made substantial gains from BNB investments.
Interestingly, the address where Zhao sent his donation has since received more BNB than his initial contribution, along with additional tokens. He said that he wouldn’t keep any of these funds and would rather donate to the victims of TST token and BROCCOLI meme coin. In his message on X platform, the Binance founder wrote:
“I won’t be keeping a satoshi of it. Will donate it away, most likely to people who had a loss on TST or some of the Broccolis. This is NOT an endorsement for any of the tokens. Do NOT overinterpret this.”
“When you try to make quick money, you often lose. When you give money away, you get more back,” he added.
Caught in the Meme Coin Frenzy
The Binance founder finds himself caught in the middle of a meme coin frenzy after he shared an educational video of BNB Chain last week, which featured a Test (TST) token as an example. This led to the creation of TST meme coin that witnessed huge trading activity. However, Zhao has completely distanced himself from this development. The TST price is down more than 52% over the past week, with daily trading volumes shooting 48% to more than $205 million.
Zhao also shared his recent views on the pump and dump in LIBRA tokens, endorsed by Argentinian President Javier Milei. In his post, CZ emphasized the importance of caution for industry figures with influential online profiles when endorsing tokens. He pointed out that the tokenomics of any asset plays a critical role in its overall value and sustainability.
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