If there’s one thing the crypto community knows how to do, it’s capitalize on news that shakes the ecosystem. A token has thus been created following the court case involving Changpeng Zhao and Binance: the CZ Coin. Having gained 140,000% in just a few hours, it has attracted opportunists… For a while.
“CZ Coin” a shitcoin created in the wake of the Changpeng Zhao affair
The token made its appearance on Uniswap yesterday, as news broke of the initial convictions of Binance and Changpeng Zhao. CZ Coin has no connection with these two entities, of course, and was hastily created to capitalize on the news. Nevertheless, the “degens” rushed in as usual, if we are to believe its stratospheric progression in less than a day, its price having risen by up to 140,000% in 24 hours:
The price of CZ Coin has soared in the space of a few hours
No need to remind you that this token has no fundamental interest, is not linked to any project, and therefore its price is likely to collapse as quickly as it climbed once a few people have taken their profits. Another token linked to this story has also soared: TENG, which is the name of Binance’s new CEO.
A volatile market at the moment
We’d also like to point out that the price of BNB, Binance’s native cryptocurrency, has been falling since yesterday. Over the last 24 hours, it has lost -9.7%. Its price is likely to continue to be influenced by the news, and by public perception of Binance. The exchange has seen nearly a billion dollars withdrawn from its addresses since yesterday.
The moral of the story is, of course, to beware of FOMO, and that market volatility is always at its highest when major deals of this type occur. We would therefore advise the utmost caution.
