- Crypto traders linked a sharp drop in BNB Chain memecoin prices to the new Meme Rush launchpad announcement by Binance founder Changpeng Zhao.
- The launchpad offers users who complete know your customer (KYC) checks early access to memecoin launches at favorable prices.
- Zhao denied direct involvement or endorsement, saying his posts were not meant as signals for meme trading.
- BNB, the proprietary token of BNB Chain, recently reached an all-time high, briefly becoming the third-largest crypto asset by market cap.
- Caution from industry leaders on trading behavior came after heavy losses and volatility in BNB memecoin markets.
Crypto influencers and traders this week blamed Changpeng Zhao, founder of Binance, for steep declines in the prices of numerous BNB Chain memecoins. The reaction followed the introduction of Meme Rush, a new memecoin launchpad on the BNB Chain. The launch offers users who complete know your customer (KYC) verification the option to buy new memecoins at initial low prices.
Market observers shared screenshots of substantial losses across BNB memecoin leaderboards following the announcement. According to some interpretations, the new platform allows early buyers favorable access, which could impact ongoing memecoin projects.
In response to criticism, Zhao distanced himself from responsibility, stating on social media, “I just tweet normally. Any overlap to memes is coincidental, not endorsement.” He declined to clarify which user groups could access the new launchpad’s lowest market cap tokens.
Traders questioned why Zhao’s statements caused such a pronounced effect on prices. Some attributed his influence to his prominent role among BNB Chain traders and the overall growing interest in memecoins on the blockchain.
The BNB token recently climbed 72% in value year-to-date, reaching an all-time high and temporarily becoming the world’s third-largest crypto asset above $180 billion in market capitalization. Binance has also introduced programs to support memecoin activity, such as partnerships with projects like Four.Meme, a competitor to Pump.fun, and updates to the Binance Wallet for early token launch access.
Additionally, Binance Alpha allows users to buy memecoins within its wallet app and plans to expand to the main exchange. Zhao and his affiliates have supported platforms like Aster, which features trading for both spot and leveraged “perps” (perpetually rolling futures contracts), with fewer registration requirements.
Industry leaders have cautioned against risky trading practices such as awarding new tokens to Zhao’s wallet for publicity or using his social media activity as trading advice. One trader commented, “Every time we’re finally having fun on BNB, CZ pulls some weird stuff… Net negative for BNB traders.” Despite warnings that amassed over 1.2 million views, many felt these cautions came too late following the sharp downturn in memecoin values.
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