Binance founder Changpeng Zhao (CZ) confirmed via X on Monday that he sent some high-value tokens from his address to a burn address - a type of wallet used to permanently remove assets from circulation.
According to CZ's post, the value of the tokens transferred ranges from six to seven figures. He noted that although some AI tools currently exist to automate the removal of these tokens, they have not yet undergone a full security assessment. CZ stated that he would complete the remaining transfer transactions at a later time.
"I have sent some high-value tokens (6 or 7 figures) from my address to a burn address," CZ wrote, while requesting: "Please do not send more tokens to this address with the expectation of interaction."
On-chain data indicates that the burn includes:
$1.95 million in TUT
$1.1 million in Broccoli (caAb)
$546,000 in Broccoli (6714)
Sending tokens to a burn address will remove them from circulation, reducing the total supply. This is a common practice in crypto tokenomics to adjust supply and potentially impact price.
The BNB Chain has seen a rising wave of meme tokens, and two of the most notable tokens in recent days are "Broccoli" and "Tutorial" (TUT).
These tokens are becoming increasingly popular as part of a broader memecoin trend associated with Binance founder Changpeng Zhao (CZ) and his public involvement in the ecosystem.
The Broccoli token has gained momentum primarily through community speculation after CZ publicly mentioned his dog named Broccoli, sparking a wave of launches of several unrelated tokens under the same name.
TUT, or "Tutorial", will launch in early 2025, stemming from a widely circulated tutorial video showing how to create and deploy tokens on the BNB Chain.