- Changpeng Zhao burned over $3.5M worth of memecoins sent to his wallet by developers attempting to gain free promotion without impacting the market by selling them
- Among the burns were $1.95M in Tutorial tokens, and $1.65M across Broccoli-themed tokens inspired by Zhao’s dog, fueled by meme-driven hype on BNB Chain
- Zhao urged the crypto community to stop sending tokens to his address while maintaining credibility and stability in the market despite a potential personal gain opportunity
Binance founder Changpeng Zhao recently drained the supply of several memecoins sent to his public address. In a recent Twitter post, the former Binance CEO announced the burns, a move done to not affect the market by selling these tokens.
Interestingly, “CZ” willingly let go of a vast amount of money by burning the memecoins. According to his public wallet tracker on Arkham Intelligence, the businessman burned $1.95 million in Tutorial ($TUT), $1.1 million in $BROCCO-caab, and over half a million dollars in $BROCCO-6714.
The catch here is that Zhao did not own these tokens willingly. Instead, these projects’ developers voluntarily sent the tokens to his wallet, in an attempt to get “free” promotion to their tokens. In the same post, the billionaire asked the community to stop sending him tokens.
Tutorial ($TUT) is a token associated with the Binance ecosystem, with a market capitalization of around $40 million dollars during the burn. The asset did not see a significant value growth after these tokens were removed from circulation, trading at a modest 2.17% increase over the last 24 hours.
Meanwhile, the two broccoli-inspired tokens were created in tribute to Zhao’s pet dog named “Broccoli”. Since CZ posted a picture of his pup on Twitter in February, the Binance ecosystem has been boiling with new tokens named Broccoli trying to capitalize on the hype. Since then, over 20,000 Broccoli-themed tokens have sprung to life on the BNB Chain and other networks.
In theory, CZ had no reason to not sell the tokens and add a couple of million dollars to his bank account. However, as an industry leader worth around $25 billion to $60 billion, we guess he chose to burn the tokens to maintain credibility and stability within the crypto market.
If you’re looking for a way to test your trading skills, check out the WEEX World Futures Competition! There’s up to $800,000 in prizes, and top traders can win 35% of the prize pool. Plus, team up for 5-20 USDT each. The campaign wraps up on March 28th, 2025, so don’t miss out!
