“Don’t Buy the Meme,” CZ STATUE Memecoin Crashes 86%

The post “Don’t Buy the Meme,” CZ STATUE Memecoin Crashes 86% appeared first on Coinpedia Fintech News

Binance founder Changpeng “CZ” Zhao has spoken out against a newly launched meme coin inspired by him, making it clear that he has no interest in being part of the hype.  He even warned users not to buy the memecoin, calling it a scam using his name without permission.

What started with excitement soon turned sour, as the token’s price fell by around 86% just hours after launch.

CZ Rejects the “CZStatue” Hype

CZ began his post by acknowledging the gesture behind the meme but quickly dismissed it, saying that the coin’s creator “probably just wanted to make a quick buck off an interaction from me.”

He made it clear that such behavior is not something he appreciates and directly warned: “Don’t buy the meme.”

This isn’t the first time crypto traders have tried to capitalize on his popularity. Over the years, multiple meme coins using his name or Binance’s brand have appeared, often rising and crashing within days.

CZ’s latest message aims to stop that trend before it causes more losses for unsuspecting investors.

“I Would Never Accept a Statue of Myself”

Adding humor and humility to his message, CZ also addressed another fan-made gesture. He recalled a similar moment when someone gifted him a T-shirt with his own face printed on it, joking, “Who has the ego to wear a shirt with their own face on it? As if seeing it once isn’t enough.”

CZ’s quick response to the memecoin received widespread community appreciation, with many praising him for speaking up and warning people about the risks.

CZ STATUE Memecoin’s Token Fell 86%

The newly launched Zhao-themed memecoin, released on the BNB Chain, initially soared, reaching a $5.7 million market cap with over 600 holders.

However, doubts soon appeared after a new wallet earned $57,000 in quick profits, suggesting possible insider activity and a lack of transparency.

Within just hours after the launch, CZ STATUE’s price crashed by 86%, and the unclear token ownership raised major red flags among traders.