Former CEO Changpeng Zhao (CZ), who still has a lot of influence in the cryptocurrency world, made a symbolic purchase of two altcoins, according to onchain data.
According to Lookonchain data, CZ purchased one BNB each of two memecoins, Mubarak and Test (TST), via a decentralized exchange (DEX).
CZ has been posting a lot of posts recently promoting the development of memecoins on the Binance Smart Chain (BSC) network, and the recent purchases are likely made with this in mind. The memecoin called Mubarak was recently launched and has climbed to a significant level of $66 million in market value. The token’s price has increased by 69% in the last 24 hours.
The Binance founder has recently become particularly interested in decentralized cryptocurrency exchanges. CZ, who admits that his knowledge on the subject is low, makes his purchases through the Four platform on the BSC network.
With these purchases, many users are sending their own tokens and especially memecoins to CZ's emerging cryptocurrency wallet addresses for free. The Binance founder announced that he would burn or donate these tokens.