Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge

Binance founder Changpeng Zhao (CZ) has publicly distanced himself from a newly launched token inspired by him. The new meme coin named “CZSTATUE” has skyrocketed by over 27,000% within hours of its launch before collapsing almost entirely.

Changpeng Zhao Disowns “Golden Statue” Meme Coin

In a post on X, Changpeng Zhao addressed the sudden emergence of a BNB Chain token named CZSTATUE, created in his honor. The former Binance CEO cautioned users against purchasing the meme coin. He emphasized that the project appeared to be a money grab rather than a genuine tribute.

“While I appreciate the gesture, it’s clear the creator just wanted to make a quick buck from an interaction with me. This is something I don’t appreciate. Don’t buy the meme,” Zhao wrote.

Zhao also joked about the absurdity of having a statue or even wearing a T-shirt with his own face on it, adding that such behavior reflects “ego” rather than admiration. His remarks came just as the coin was gaining traction online. The token saw immense speculative trading among retail investors.

The release of CZSTATUE coincides with a broader rally across BNB Chain meme coins. The chain gained massive traction after Changpeng Zhao praised the community’s creativity earlier in the month. After this post, numerous BNB-based projects began trending on decentralized exchanges.

CZSTATUE’s Rapid Rise and Sudden Collapse

Despite Zhao’s warning, trading activity around CZSTATUE exploded shortly after his post. The meme coin briefly reached a market capitalization of $6.8 million, climbing from $3 million to $4 million within an hour. According to data, the token generated $20 million in 24-hour trading volume before plummeting almost as fast as it rose.

Crypto analytics firm Nansen later reported that CZSTATUE had lost 99% of its value within hours of peaking, dropping from a $5.1 million valuation to near-zero levels. 

Analysts flagged concerns about the coin’s token distribution. Over 15% of the supply was held by a newly created wallet, suggesting possible insider manipulation or unfair tokenomics.

Notably, many BNB meme coins recorded massive gains in the month. For example, GIGGLE, a meme coin linked to Zhao’s charitable venture, Giggle Academy. The token saw incredible gains earlier in the month, hitting a new all-time high. The meme coin rallied by over 700%. 

The project also reportedly raised $5.5 million in free educational programs through its trading fees, converting more than 1,300 BNB into funding for the initiative.

The former Binance founder’s Presidential pardon also brought positive sentiment for the community. This also brought gains to the exchange-backed projects.