Former Binance CEO Changpeng ‘CZ’ Zhao stressed that he wasn’t launching a meme coin as users demanded a contracted address.
Crypto speculators flooded CZ with messages on X, asking for a contract address to trade the meme coin inspired by Zhao’s Belgian Malinois named Broccoli.
Developers often launch canine-themed tokens based on pets owned by popular founders like Zhao. CZ had earlier said he would share details about his dog, including its name and breed, kickstarting a frenzy around the social media posts.
Amid the hype, PancakeSwap, native to Binance Chain, outpaced Uniswap, the leading decentralized exchange on Ethereum, as traders buzzed around the opportunity to profit from CZ’s public posts.
Hopes of investing in Zhao’s meme coin were dashed shortly after. CZ emphasized that he wouldn’t drop a contract address or launch a meme coin. “Let the best meme coin in the community win” Zhao tweeted.
“For those asking for a CA (contract address) from me, no, I am NOT issuing a meme coin. I am just posting a photo of my dog and his name, as some of you requested.” CZ explained.
Nevertheless, DEX Screener showed several tokens based on CZ’s dog, Broccoli. The largest of the basket, issued on BNB Chain, had amassed a $90 million market capitalization with $145 million in trading volume over two hours.
Iterations of the token on Solana had already reached $1.3 billion and $456 million in market cap, although some of these meme coins might be rug pulls or honey pots.
Zhao’s response to community requests for his dog’s name, and subsequent tokenization of the pet, happened months after the former Binance CEO scrutinized the rampant rise of meme coins. Last November, CZ called for a refocus on on-chain utility.
“I am not against memes, but meme coins are getting ‘a little’ weird now. Let’s build real applications using blockchain,” Zhao tweeted at the time.
