Binance founder Changpeng Zhao, also known as “CZ,” has taken the crypto market by storm after sharing his dog’s name and picture. The announcement sparked the launch of multiple tokens inspired by the pet and was further fueled by BNB Chain’s memecoin launchpad’s name-guessing contest.
Related Reading
CZ Sparks Memecoin Frenzy
On Wednesday, Changpeng Zhao acknowledged the cycle’s memecoin frenzy after an X user asked if he had a dog. The Binance founder revealed he had “not a Shiba Inu, but a Belgian Malinois,” which resulted in the crypto community asking for the name and picture of his dog.
CZ inquired about how it would work if he shared the information, asking if people would create memecoins based on the dog, how investors would know which one is the “official” token, and if it even mattered.
He joked he would mull whether to “respect his privacy, or dox the dog for the cause,” sparking massive speculation about an official memecoin launch.
On Thursday, CZ shared on X that he would officially share his dog’s picture and name at 8:00 PM Dubai time, or 4:00 PM UTC, sending investors into a frenzy over the upcoming post.
Community members launched several tokens with the possible names of CZ’s four-legged companion, some reaching up to $60 million in market capitalization.
Arkham noted that the two frontrunner tokens on the BNB chain, BROWNIE, and PERRY, significantly surged on Thursday morning. Remarkably, an investor made over $1 million with less than a $12,000 initial in 12 hours.
Four.Meme Kicks-Off Token Event
BNB Chain’s token launchpad, Four.Meme joined the frenzy, announcing a “CZ Dog Name Meme Token Betting Event.” According to the X post, the tokens with the same then-unknown name of CZ’s dog would be part of a competition.
The tokens created today before 4:00 PM UTC would be eligible to participate and “become the next big meme.” The announcement detailed:
30 minutes after CZ’s post, the highest market cap token on Four.Meme wins! The winner’s token will have its tokens in LP revenue regularly burned by Four.Meme!
At 4:12 UTC, the Binance founder shared a picture with his dog, Broccoli. The dog was named after the vegetable because he wanted “a name that started with B and has some green in it.”
CZ wrote that he and Broccoli bonded over their difficulty socializing, adding that the dog helped him get a “good break” from the “intense negotiations with the DOJ back then.” He also stated that he never imagined his pet would be part of the blockchain ecosystem, adding that there’s “never a dull day in crypto.”
Broccoli Immortalized In The Blockchain
CZ clarified that he was “just posting” his dog’s pictures and name and not issuing a memecoin himself. He considered it was up to the community whether to launch a token.
The BNB foundation “may provide rewards for the top memes on the BNB Chain, giving LP support or other rewards,” but the details are still being discussed.
After the “Pet reveal,” the tokens guessing Broccoli’s name plummeted, with the leading memecoin falling from a $22 million market cap to less than $1 million in less than a minute.
Related Reading
Meanwhile, the creation of memecoins inspired by CZ pet’s real name spiked, with several BNB Chain and Solana-based tokens flooding DexScreener’s feed. At the time of writing, CZ’s Dog (BROCCOLI), launched a minute after Zhao’s post, has become the largest gainer.
The memecoin reached a $300 million market capitalization minutes after being created and is currently trading at $0.0745, with a $75 million market cap. The winning token of the Four.Meme contest is yet to be announced.
Featured Image from Unsplash.com, Chart from TradingView.com
Read the full article here