Binance Coin Soars Amid Unusual CZ Dog Frenzy

In a significant development, Binance’s former CEO and founder Changpeng Zhao has spurred a new memecoin frenzy. 

According to a post on X, Zhao disclosed that his dog is named Broccoli. Within moments of sharing a photo of himself and the pet, several “BROCCOLI” memecoins were created across multiple blockchains

A Viral Post That Moved Markets

Notably, it all started when an X user with the username Vee casually asked if Zhao had a pet. In response, he confirmed that he owned a Belgian Malinois, not a Shiba Inu, as some had speculated. 

However, the real momentum started when he followed up with a promise to upload an image of the dog. Later that evening, true to his word, he posted the image, and the market reacted almost immediately.

“If you had asked me before last night, I would never have imagined that Broccoli would be part of the blockchain ecosystem, but here we are here.” Zhao wrote on X

Following this, a wave of newly created “BROCCOLI” memecoins filled the market. Despite Zhao clarifying that he was not behind any of them, the speculative frenzy had already taken hold.

Surge in BNB Chain and PancakeSwap Trading

Meanwhile, the ripple effect stretched beyond memecoins. For example, PancakeSwap, a decentralized exchange operating on the BNB Chain, saw its trading volume heightened dramatically. 

Consequently, the platform surpassed Uniswap to become the leading decentralized exchange by trading volume. Over the past twenty-four hours, PancakeSwap’s trading activity exceeded over $3 billion. while its weekly total surpassed $21 billion.

Interestingly, BNB tokens also saw a major increase. Its price has risen 9% in the last twenty-four hours, while its weekly increase stands at over 21.5%. Similarly, PancakeSwap’s native token, CAKE, surged 40% in a single day and has gained more than 100% over the past week.

While reacting to the unexpected trend, Harrison Seletsky, director of business development at SPACE ID, stated 

“This just shows the nature of the cryptocurrency market, where something seemingly insignificant can blow up and become incredibly popular when it follows natural narratives and has organic interest.”

Shifting Views on Memecoin Trading

Meanwhile, until recently, Zhao had expressed skepticism about memecoins. In November, he commented negatively that the trend was becoming excessive.

 “I am not against memes, but meme coins are getting weird now. let’s build real applications using blockchain,” he posted on X.

However, his new post on X could suggest a possible change in opinion. While he reiterated that he had no involvement in launching memecoins, he hinted that he might engage with some of the more popular ones.

It is worth mentioning that CZ’s influence over memecoin is coming a day after Elon Musk briefly changed his name on X and caused tremendous memecoin rallying.