Head of the leading crypto exchange, CZ, has taken to Twitter to share that some Twitter accounts are using the fact that he follows them to launch meme coins. Changpeng Zhao warns investors not to get into these cryptocurrencies.
"People trying to buy accounts I follow"
CZ spread the word that certain groups of people are trying to take advantage of his attention on Twitter. They are trying to buy the accounts that CZ "randomly followed" recently after those users replied to CZ's tweet about the four important things he plans to focus on this year as part of his work with Binance.
These things are education, compliance, products & services, and paying less attention to FUD, fake news and attacks — four dos and don'ts in all. The chief of Binance issued this tweet on Jan. 4.
Changpeng Zhao followed some of those accounts who responded with a "4."
then I unfollow. There are a few guys who informs me of those. 😆
— CZ 🔶 Binance (@cz_binance) April 21, 2023
CZ warns his followers not to buy these meme coins
However, it turned out that the owners of these Twitter handles are putting them out for sale and those who buy them begin launching their own meme coins telling the community that they are "supported by CZ."
What the chief of Binance does about this is that he unfollows those Twitter accounts and he warns the crypto community against getting into these meme coins. He did not name any particular tokens, though.
There apparently are groups of people trying to buy accounts I follow, then issue meme coins. I unfollow and block them.
— CZ 🔶 Binance (@cz_binance) April 22, 2023
Don't get into those meme coins either. Understand the risks. https://t.co/tNyfJskLV0
Meme coins in trend
Meme coins became trendy over the past few years, after Elon Musk began showing strong support for Dogecoin, the original meme token created back in 2013. In 2020, Shiba Inu emerged, in 2021 BabyDoge followed, as well as many other meme cryptocurrencies, including one called Dogelon Mars (ELON) ranked 197 on CoinMarketCap and trading at $0.0000002833 at the moment.
In March this year, the Shiba Inu team released a beta version of its Layer-2 solution for the Ethereum chain called Shibarium. The SHIB community had been looking forward to that as they expected a lot more SHIB tokens to be burned and the price of the coin to surge. Neither has happened so far.
Denys Serhiichuk
Tomiwabold Olajide