BNB Memecoins Plunge Following CZ's Disavowal of Endorsements
BNB Memecoins Plunge Following CZ's Disavowal of Endorsements
Published on
Memecoins built on the BNB chain experienced a significant plummet after former Binance CEO CZ clarified that his tweets were not endorsements, leading to substantial losses for many, despite some initial multi-million-dollar gains for early traders.
Over 100,000 onchain traders piled into BNB memecoins during the peak, with some wallets pocketing multi-million-dollar gains. However, this trend reversed sharply after CZ's statement, causing a significant downturn for these assets.