BlockBeats reported on July 13, citing GMGN market data, that CZ said the meme coin burn from the previous night was only intended to clean up his wallet. After the clarification, the related token first moved higher and then reversed. As of publication, the CZ token was down more than 27% over the past hour, with its market capitalization at $16.41 million. The token price was also close to its level before the burn, according to the report. The move reflects a sharp intraday reversal tied to the market’s reaction to CZ’s statement.
CZ says meme coin burn was only for wallet cleanup
On July 13, BlockBeats, citing GMGN market data, reported that CZ said the meme coin burn from the previous night was only meant to clean up his wallet.
Related token rose first, then fell
Following the clarification, the related token first rose and then turned lower. As of publication, CZ had dropped more than 27% in the past hour, with a market capitalization of $16.41 million, close to its price level before the burn.
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