CZ Warns Against Golden Statue Meme Coin Investment

TLDR

• CZ disassociates from the Golden Statue meme coin.
• The coin surged 27,000% due to retail speculation.
• No regulatory bodies have commented on this meme coin.

Changpeng Zhao, known as CZ and founder of Binance, warned investors against buying the Golden Statue meme coin. The warning follows a price surge of 27,000% and CZ’s clear disassociation from this cryptocurrency.

In a message on his official Twitter account, CZ emphasized that he has no connection to the meme coin. He suspects that those behind the coin’s creation are profiting from his image and reputation.

CZ’s Stance on Usage of His Image

CZ made a public statement, advising, “Don’t buy the memecoin associated with the statue.” He further noted that he never approved of a statue of himself at home. Additionally, he has refused merchandise featuring his likeness previously.

Such instances highlight CZ’s consistent stance on his image’s commercialization. This mirrors actions from other crypto leaders dissuading speculative uses of their likeness.

Factors behind the Meme Coin Surge

The Golden Statue meme coin’s significant rise appears to stem from retail investor speculation. There is no evidence of major funding or institutional backing for this token surge.

No substantial impact is reported on major cryptocurrencies like ETH and BTC. On-chain data concerning TVL and liquidity shifts is lacking definitive sources. Enthusiasts can still track on-chain trends for broader insights.

No Official Reactions from Regulators

Currently, there are no statements from primary regulatory bodies, including the SEC and CFTC, concerning this meme coin. It remains purely a market-driven phenomenon without regulatory scrutiny.

Similarly, no notable responses surfaced from major crypto influencers on this event. The community discourse remains contained primarily to social media with minimal insight from analytical blogs.

Community Sentiment and Developer Interest

Primary data regarding developer sentiment or GitHub activities concerning the Golden Statue meme coin is absent. Most conversations occur on platforms like Twitter without authoritative confirmation.

The sentiment within crypto communities largely hinges on CZ’s clear-cut statement. The message discourages investments not grounded in solid backing, as evident in past events of similar nature.