Binance’s CZ Clarifies Event Photo Policy on Meme Coins

Binance’s founder CZ has clarified his stance on meme coins linked to his event photos via his social media accounts.

CZ’s statement emphasizes that while his photo-related posts influence market reactions, he is not personally involved in meme coin issuance.

Binance CEO Denies Direct Role in Meme Coin Creation

Changpeng Zhao, founder of Binance, recently clarified he will not personally issue meme coins linked to event photos. His social media presence has, however, driven market activity. source

CZ’s statement reassures investors amid volatile markets affected by social media posts. Although unintended, such posts impact meme coin prices associated with BNB Chain. “I will not issue meme coins personally, it’s not my style” — Changpeng Zhao, Binance Founder.

Volatility in BNB Chain as Photo Posts Drive Spikes

The immediate market effect involved increased volatility in BNB Chain memecoins. Price spikes occurred following CZ’s photo-related updates, showcasing the influence of social media activity on Bitcoin and Ethereum prices.

Financially, the surge impacted memecoin trading, causing sudden spikes but leaving major assets like BTC and ETH unaffected. Investors noted an increase in speculative buying. source

Influencer Impact: Lessons from Musk’s Market Moves

Previously, individuals such as Elon Musk have caused similar market reactions with their tweets. The short-lived nature of memecoin surges reflects historical price behavior.

Experts predict similar patterns will persist with influencer-driven fluctuations, which often result in rapid market corrections post-hype, emphasizing the high-risk nature of memecoins.