CZ Clarifies Meme Coin Posts: No Endorsements

Binance founder Changpeng Zhao (CZ) clarified his recent X posts regarding meme coins, stating that these posts were not endorsements. After a surge in meme coin activity, many tokens within the BNB ecosystem saw a significant decline, notably BNB itself which dropped over 22% in the last 24 hours. Following an initial rise fueled by CZ’s own tweets, a frenzy of trading has been fueled by new meme coins, with over 100,000 on-chain traders participating and many achieving substantial profits.