A few Twitter accounts are utilising the fact that he follows them to establish meme coins, according to CZ, the head of the largest cryptocurrency exchange. Investors are advised by Changpeng Zhao not to invest in these cryptocurrencies.
“People trying to buy accounts I follow”
On Twitter, CZ alerted users to the fact that certain individuals are attempting to profit off his attention. As those individuals responded to CZ’s tweet on the four crucial topics he aims to focus on this year as part of his work with Binance, they are attempting to purchase the accounts that CZ “randomly followed” lately.
Four dos and don’ts make up this list: education, compliance, products & services, and paying less attention to FUD, fake news, and assaults. This tweet was sent on January 4 by the CEO of Binance.
Several of the accounts that answered with a “4” were followed by Changpeng Zhao.
CZ warns his followers not to buy these meme coins
It eventually came to light that the proprietors of these Twitter accounts are really selling them, and everyone who purchases them immediately starts launching their own meme coins while claiming to be “sponsored by CZ.”
The CEO of Binance responds to this by unfollowing those Twitter users and cautioning the cryptocurrency community against investing in these joke currencies. Yet, he made no mention of any specific tokens.
Meme coins in trend
Meme currencies gained popularity in recent years as Elon Musk started to publicly sponsor Dogecoin, the first meme token introduced in 2013. Shiba Inu merged in 2020, BabyDoge followed in 2021, and many more meme cryptocurrencies followed, including one called Dogelon Mars (ELON), which is now trading at $0.0000002833 and is rated 197 on CoinMarketCap.
The layer-2 solution for the Ethereum chain, known as Shibarium, was first provided in beta form by the Shiba Inu team in March of this year. The SHIB community anticipated it would result in a significant increase in the number of SHIB tokens burnt and a rise in the price of the currency. Both have not occurred thus far.
