The popularity of meme coins on the BNB chain declined rapidly. Many BNB-based tokens have lost 60% to 95% of their value in the past 24 hours after crypto exchange Binance founder Zhao Changpeng (CZ) stated that his social media posts “do not constitute investment advice or endorsement.”
The incident began with a warning to investors from user
CZ later said, “My tweets are not endorsements. I’m just tweeting normally right now. Any similarities to meme coins are purely coincidental.”
Following this announcement, the price of PancakeSwap’s BNB meme coin plummeted. Some tokens had a trading history of only a few hours or days, while others had been trading for months. The market value of many trading pairs has fallen by more than 95% in 24 hours, rapidly reducing liquidity and prompting investors to close their positions.
However, the volatility before the drop resulted in significant gains for some investors. One trader made more than $10 million in profits, 40 investors made seven-figure profits, and nearly 900 wallets made more than $100,000 in profits.
Heavy trading traffic resulted in record trading volumes on the BNB Chain decentralized exchange. PancakeSwap’s trading volume reached $80 billion in September, its busiest period since November 2021. In the first nine days of October, trading volume has already exceeded $30 billion.
*This is not investment advice.
