The public address for donations from Changpeng Zhao (CZ), the former CEO of Binance, has once again conducted a massive burn of meme coins after a seven-month hiatus. The total amount of destroyed assets is approximately $490,000, indicating significant activity in the cryptocurrency market.
This is reported by Business • Media
Which Meme Coins Were Burned
- quq — $305,000;
- SIREN — $142,000;
- BNBCARD — $43,000.
The operation was confirmed by on-chain analyst Ai Yi, who noted that the burning of these assets was the largest event on CZ’s public address in recent times. All listed tokens belong to the category of meme coins, which are traditionally characterized by increased volatility and popularity among traders.
Changpeng Zhao’s Comments and Future Plans
Changpeng Zhao himself commented on the situation on his X (formerly Twitter) page, emphasizing that he is cleaning up his wallet. He stressed that the donation address will only retain BNB tokens going forward, and the received meme coins may be sold on the open market.
“I’m just cleaning up the wallet. The donation address only holds BNB. Next time, I might just sell any meme coins I receive on the market. Don’t send tokens to this address if you don’t want them sold on the market.”
This position from Zhao indicates a shift in approach to asset management: instead of burning tokens, CZ may prefer to sell them, which will impact liquidity and the dynamics of the meme coin market.
Previously, there have been instances of significant losses in meme coins within the cryptocurrency community. In particular, one trader lost $4 million in a month investing in this asset class.