Onchain data has reported that a memecoin burn occurred again after seven months at the public donation address of Binance founder Changpeng Zhao (CZ).
According to the analysis, various memecoins worth approximately $49,000 were destroyed by the address.
The distribution of burned tokens was as follows:
- quq: 30.5 thousand dollars
- SIREN: $14.2,000
- BNBCARD: $4.3,000
CZ stated in a statement following the burn that the donation address would only hold BNB. Zhao explained that he took this step to purge incoming memecoins, saying:
“I'm just cleaning out my wallet. The donation address only holds BNB. Next time, I may choose to sell memecoins sent to me directly on the market. If you don't want them to be sold, don't send memecoins to this address.”
Smaller memecoins, in particular, are sending free tokens to well-known cryptocurrency addresses of celebrities like CZ to gain recognition. A prime example of this was the Shiba Inu (SHIB) tokens sent to Ethereum (ETH) founder Vitalik Buterin. Vitalik donated all of these tokens to a hospital in India.
*This is not investment advice.
