Binance Founder CZ Warns Against CZSTATUE Memecoin Amid Rapid Surge and Plunge

Binance founder Changpeng Zhao (CZ) has publicly warned investors against buying CZSTATUE, a meme coin launched on the BNB Chain that was tied to a golden statue created in his honor. Despite its initial surge to a market capitalization of over $6 million and generating $20 million in trading volume, CZ described the token as a speculative project aimed at making a quick profit rather than a genuine tribute, urging users not to purchase it. The coin experienced a rapid collapse, losing over 86% of its value shortly after launch, with concerns raised about token distribution, including over 15% being held by a single wallet, suggesting potential insider manipulation. The creator of the statue, Nick Zee, expressed disappointment over unrelated meme coins trying to capitalize on the statue’s popularity, emphasizing the lack of genuine intentions in the space. CZ also humorously dismissed the idea of having a statue or T-shirt with his face, calling such acts egoistic. This incident exemplifies ongoing issues with influencer-inspired meme coins that often lack transparency and developer accountability, yet continue to attract high-risk speculative trading.