CZ donates 150 BNB to TST, BROCCOLI and LIBRA victims
The chaos began when CZ shared an educational video about the BNB Chain
Changpeng Zhao, commonly known as CZ, has stepped in with a philanthropic gesture by donating 150 BNB—approximately $100,000—to help victims impacted by the volatile performance of memecoins TST, BROCCOLI, and LIBRA.
The donation, directed to a university student who personally contributed $50,000 to assist those affected, comes amid a period of intense market turbulence triggered by unexpected token rallies and subsequent crashes.
Key takeaways
- Donation details: CZ donates 150 BNB (~$100K USD) to support meme coin victims.
- Memecoin Origins: The surge and crash were linked to an educational video on BNB Chain and offhand comments about CZ’s dog.
- No endorsement: The donation is purely a compensatory measure, not an endorsement of the tokens.
Origins of the memecoin frenzy
The chaos began when CZ shared an educational video about the BNB Chain featuring with the token selected for the example and called TST (Test).
This sparked the creation of a TST meme coin, which quickly garnered attention despite CZ’s lack of direct involvement. Soon after, another meme coin, BROCCOLI, experienced a dramatic 160% surge at launch, following CZ’s casual mention of his dog’s name. However, these initial gains were short-lived. Both tokens, along with LIBRA, witnessed precipitous declines—crashing by over 60-80% within days—leaving many traders facing significant losses.
LIBRA Price. Sourse: СoinGecko
The donation and its implications
In response to the fallout, CZ allocated 150 BNB to help offset the losses sustained by those who invested in these highly speculative assets. The funds were channeled through a university student who had already invested $50,000 of his own money to provide relief to LIBRA victims.
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This act, while generous, is not an endorsement of any of the meme coins involved but a measure to assist affected investors amid rapidly shifting market dynamics.
CZ’s donation highlights the unpredictable nature of the cryptocurrency market and the risks inherent in speculative trading. As market participants digest these events, analysts urge caution and thorough due diligence. Moving forward, industry observers will watch closely to see whether similar gestures become common in the wake of crypto volatility.
As a reminder, we previously wrote about LIBRA token crashes after $4.6B pump-and-dump, creator holds $100M.
