Crypto degens have discovered a silver lining to the information that Binance founder Changpeng Zhao (CZ) plans to step down and plead responsible to violating anti-money-laundering legal guidelines: speculating on a freshly launched shitcoin referred to as “CZ.”
The now ex-CEO, well-known for touting “4” on Twitter to calm his thousands and thousands of followers each time FUD rears its ugly head, can pay $4.3 billion in fines to the U.S. authorities. Individuals throughout the trade are speeding to Twitter to voice their opinions on the matter, and the jury appears to nonetheless be out on whether or not that is unfavourable or constructive for the trade.
However whereas the very best and brightest in crypto rack their brains analyzing the affect this information can have, degens have discovered a technique to speculate on it.
Enter, the CZ token, already buying and selling on Ethereum DeFi trade Uniswap.
Launched inside a pair hours of the information breaking, CZ is at the moment up a humble 18,000%.
To be clear, this coin has no relation to Binance, or CZ. It’s just a few nameless dev who noticed the information and capitalized on it—however who doesn’t love a little bit entrepreneurial spirit?
On the time of penning this, CZ is sitting at a cool $130,000 market cap, however its fluctuating quickly. So quickly in truth, that within the time we have spent modifying this text, it’s gone from 130K, to 200K, again to 130K, and has now landed at 300K.
In fact, none of that is meant to be monetary recommendation. This Ethereum-based token was launched by an nameless dev, and there’s a excessive likelihood the dev will ultimately rug, pull liquidity from the venture, and break the hearts of these left holding the bag.
For what it is price, Ethereum charting website Dexscreener says the liquidity has been locked, however there’s all the time the prospect that the dev purchased up a bunch of the availability.
Regardless, it is all a reminder that when instances get robust, degens discover a means.
The views and opinions expressed by the creator are for informational functions solely and don’t represent monetary, funding, or different recommendation.
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