TL;DR
- CZ caused a stir in the crypto market by suggesting on social media that his dog, Brocolli, could inspire a memecoin, generating significant speculation.
- Despite the interest, CZ clarified that he has no plans to launch a memecoin and only shared his dog’s name in response to user requests.
- The increase in activity on BNB Chain and PancakeSwap was linked to speculation about the TST token, with a notable rise in the value of BNB and CAKE tokens.
Changpeng Zhao, known as CZ and founder of Binance, has caused a stir in the crypto market after talking on social media about a memecoin inspired by his dog, a Belgian Malinois named Brocolli.
No, There Will Be No Official CZ Dog Memecoin
The speculation about the token launch generated significant interest in the crypto community, especially after the BNB Chain team created the Test (TST) token, whose price surged more than 2,000% after being mentioned by CZ on Twitter. However, the Binance founder quickly clarified that he has no plans to create his own memecoin and that he simply shared his dog’s name and a photo in response to some users’ requests.
The interest in memecoins and their connection to CZ attracted a lot of attention. Additionally, it had other side effects. The BNB Chain saw a spike in activity. On the other hand, PancakeSwap, one of the most popular decentralized exchanges in the Binance ecosystem, also saw a significant increase in its trading volume, surpassing Uniswap in both daily and weekly volume. The surge has been linked to speculation about TST and the potential impact of Changpeng Zhao’s statements regarding his dog.
Effects of the Memecoin Frenzy
The growing activity on PancakeSwap was also reflected in the performance of the BNB and CAKE tokens, the former of which has seen a considerable increase, and the latter has posted a more than 100% rise in value over the past week. This phenomenon has been interpreted as a sign of a resurgence of memecoin fervor within the Binance ecosystem, which could attract more users and liquidity to the BNB ecosystem.
Despite the controversy and speculation, CZ has remained firm in his stance, stating that he is not interested in launching a memecoin based on his dog. Instead, he has expressed his support for the best memecoins in the community, encouraging users to follow the organic narratives that emerge in the crypto world
