The recognition of meme cash on the BNB chain declined quickly. Many BNB-based tokens have misplaced 60% to 95% of their worth previously 24 hours after crypto trade Binance founder Zhao Changpeng (CZ) acknowledged that his social media posts “don’t represent funding recommendation or endorsement.”
The incident started with a warning to traders from person
CZ later mentioned, “My tweets are usually not endorsements. I am simply tweeting usually proper now. Any similarities to meme cash are purely coincidental.”
Following this announcement, the value of PancakeSwap’s BNB meme coin plummeted. Some tokens had a buying and selling historical past of just a few hours or days, whereas others had been buying and selling for months. The market worth of many buying and selling pairs has fallen by greater than 95% in 24 hours, quickly decreasing liquidity and prompting traders to shut their positions.
Nevertheless, the volatility earlier than the drop resulted in important good points for some traders. One dealer made greater than $10 million in earnings, 40 traders made seven-figure earnings, and almost 900 wallets made greater than $100,000 in earnings.
Heavy buying and selling visitors resulted in file buying and selling volumes on the BNB Chain decentralized trade. PancakeSwap’s buying and selling quantity reached $80 billion in September, its busiest interval since November 2021. Within the first 9 days of October, buying and selling quantity has already exceeded $30 billion.
*This isn’t funding recommendation.
