Changpeng Zhao (CZ), former CEO of Binance, explained the name of his dog and led to a great madness in the crypto market. More than 20,000 Broccoli themed Memecoin was released, while some investors won millions, while others suffered major losses.
How did Broccoli Memecoin come about?
It all started on February 13 with the announcement that his dog was a Belgian Malinois genus on the X platform of CZ. Following this sharing, investors started to produce Memecoin quickly by estimating the dog’s name.
CZ recognized the excitement on social media and recognized a three -hour waiting time before explaining the name. During this time, hundreds of memecoin were created with names such as Cleo, Brownie and Perry, and some of them reached million dollars of market values.
20,000 Broccoli Memecoin has been released
After explaining the name of the dog as Broccoli, the crypto market was mobilized. In a few hours, more than 20,000 memecoin was produced in different networks, especially Solana and Bnb Chain.
Especially on Solana’s Pump.fun platform, more than 480 Broccoli Token was listed, while more than 300 Broccoli Token started to be treated on the Four.ema platform in BNB Chain. Some platforms experienced short -term collapse due to intense demand.
Early investors won millions
As in the Memecoin markets, the biggest winners were early -moving investors. A wallet called 0x392EB produced Broccoli Token at low cost immediately after CZ’s tweet.
This investor pressed 110 million token with only $ 1,000 and started sales in two minutes. It earned a total of $ 6.5 million in 20 minutes. However, investors who purchase at the summit suffered great losses.
CZ: “No official Brocoli Token”
Investors wondered if there was an official token due to speculation in the market. However, CZ announced that he did not remove any token and that these projects were entirely at the community initiative.
This statement did not prevent speculation and investors continued to make major purchases to find the most popular Broccoli Token. In a short period of time, some tokens reached a market value of $ 400 million.
Risks of Memecoin craze
This madness once again revealed the speculative structure of the Memecoin market. Memecoins offers great opportunities for earnings, but also have serious risks.
While the biggest gains in the Memecoin market usually earn early investors, those who later purchase can face major losses. The Broccoli Tokens also suffered a similar fluctuation and lost more than 50 %in a few hours.
