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Binance founder Changpeng Zhao, popularly known as CZ, has made headlines in the crypto community with his latest development. According to on-chain analyst AI Yi, the Binance executive’s public address recently burned memecoins, approximately $490,000, after seven months of silence.
The burned tokens include quo values at $305,000, SIREN worth $142,000, and BNBCARD amounting to $43,000. In addition, CZ confirmed the move, highlighting that it was an effort to “clean up the wallet.” He noted that his donation address only holds BNB, Binance Coin.
Zhao also warned memecoins creators and token developers, noting that next time, he might not burn such coins. Instead, he could choose to sell them in the open market.
“Next time, I might choose to market and sell any meme coins received. Do not send tokens to the address if you don’t want them to be sold,” CZ said.
By making this statement, CZ intends to send a strong message to developers who often send tokens to famous figures in hopes of gaining free publicity. While this is a remarkable move, some developers believe that sending coins to a prominent person’s wallet will create hype around their projects. Nonetheless, CZ’s recent action shows this strategy could backfire.
The Binance co-founder’s response shows a growing issue in the crypto sector. It highlights the overwhelming number of memecoins that are created without real utility. Most of these tokens primarily depend on social media hype rather than genuine use cases.
By burning almost $500,000 worth of such coins, CZ showed that not every new token is valuable. This also highlights the importance of individuals managing their crypto wallets carefully, especially public figures.
While some members in the crypto community commended his recent action, others thought he had gone too far. An X user described CZ’s recent action, saying:
“If you try to use CZ’s wallet address for marketing purposes, CZ will simply destroy the value of your coins. From this perspective, this isn’t really a blow to meme coins as such, but rather a direct confrontation against the practice of using “false narratives” within the meme coin ecosystem.”
The post CZ Burns $490,000 in Memecoins, Issues Warning to Developers appeared first on CoinTab News.
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