Changpeng Zhao sparks memecoin frenzy, but critics allege manipulation
CZ under fire as Broccoli memecoin inspired
The cryptocurrency world witnessed yet another memecoin mania, this time triggered by none other than former Binance CEO Changpeng "CZ" Zhao. A simple revelation about his dog's nickname led to the creation of over 400 coin memes.
While some traders made quick fortunes, others were left questioning whether Zhao had deliberately fueled the frenzy to boost activity on the BNB Chain.
How a dog’s name led to a $400 million market cap
It all began when CZ casually speculated on X about the ease of launching memecoins, joking that simply sharing a dog’s name could be enough to create a token. His followers took this as a challenge, flooding the BNB Chain and Solana with Broccoli-themed tokens. Within hours, one of these tokens skyrocketed to a $400 million market cap, before crashing down to $74 million, CoinMarketCap reports.
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On Solana, another Broccoli-inspired coin hit $5 million in market cap with $56 million in trading volume, while one lucky trader reportedly turned $700 into $7 million. However, the chaos was short-lived—many of these projects collapsed in rug pulls, leaving investors in the dust.
Backlash and accusations of manipulation
Zhao’s involvement sparked controversy. Critics accused him of intentionally fueling the speculative frenzy to drive traffic to the BNB Chain. One particularly scathing critique came from an X user dubbed “Crypto Zen Master”, who claimed that CZ had “stepped on everyone’s bones” just to revitalize BSC.
Others argued that his influence in the market gave him unfair leverage, making it easy for him to manipulate prices and engagement.
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In response, CZ dismissed the accusations, claiming he had "zero experience" in launching memecoins and had merely responded to community interest.
The ongoing memecoin dilemma
This isn’t the first time a high-profile figure has unintentionally—or intentionally—sparked a memecoin rally. Similar controversies surrounded Elon Musk, whose tweets have historically driven massive price swings in Dogecoin and other meme assets.
For now, the Broccoli craze seems to be fading, but the broader trend of meme-driven speculation in crypto remains alive and well. As long as traders are willing to bet on anything viral, the next big memecoin frenzy is likely just around the corner.
