In the aftermath of Binance founder Changpeng Zhao (CZ) announcing his resignation and intent to plead guilty to violating anti-money-laundering laws, a new player emerged on the scene – the CZ token.
While industry experts debate the impact of CZ's departure, crypto enthusiasts have discovered a unique opportunity in the form of a freshly launched token named "CZ."
Unlike its namesake, this CZ token, traded on Ethereum DeFi exchange Uniswap, has no affiliation with Binance or CZ. Launched swiftly after the news broke, CZ has witnessed a staggering 80,000% surge, currently holding a market cap of $2,200,000.
Chart from DexScreener
Notably, a second token, TENG, linked to the unfolding drama, has joined the frenzy. Named after Richard Teng, the successor to CZ as CEO, TENG has seen a remarkable 14,000% increase since its recent debut in the trading arena. However, it seems to have lost some steam, currently trading at a market cap of $306,000.
Chart from DexScreener
Despite these astronomical gains, it's crucial to exercise caution. The CZ token, created by an anonymous developer, lacks a tangible connection to Binance. As with many DeFi tokens, there's a heightened risk of the developer executing a rug pull, pulling liquidity, and leaving investors in the lurch.
While Dexscreener reports locked liquidity, the possibility remains that the developer holds a significant portion of the token supply.
And as always, this is not financial advice, please do your own research.
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