A donation address associated with CZ sent 700 million CZ tokens and 400 million TCC tokens to a burn address about five minutes before the move was flagged by GMGN on July 12, according to BlockBeats. The transfer quickly fueled a price spike in both meme tokens. CZ jumped more than 220% in a short span, with its market capitalization last reported at $30.48 million. TCC rose 82.51%, bringing its market capitalization to $7.55 million.
BlockBeats also cited an earlier social media post from CZ, in which he said he neither held nor knew much about the newly issued meme coins CZ, TCC, and AB on BNB Chain. He wrote that he was only interacting with active and energetic community users and added that he hoped the best meme would stand out.
The report noted that the timing of the burn drew attention because these meme coins have been recent market hotspots. It also said Robinhood Chain has gained momentum over the past week, with on-chain activity, measured by DEX trading volume, now ranking second across the crypto industry.
BlockBeats reported on July 12, citing GMGN, that a donation address tied to CZ sent 700 million CZ tokens and 400 million TCC tokens to a burn address around five minutes earlier.
The transfer was followed by a sharp move in both tokens. CZ climbed more than 220% in a short period, with its market capitalization last reported at $30.48 million. TCC rose 82.51%, bringing its market capitalization to $7.55 million.
In an earlier social media post, CZ said: "I neither hold nor understand the newly issued meme coins CZ, TCC, and AB on BNB Chain. I am only interacting with active and energetic users in the community. May the best meme stand out."
BlockBeats added that the timing of the burn has drawn attention as these meme coins have recently been in focus. Over the past week, Robinhood Chain has risen strongly, and its on-chain activity, measured by DEX trading volume, has become the second highest across the crypto industry.
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