“Do not touch memecoins”, says CZ and then deletes tweet

Binance founder and former CEO Changpeng Zhao (CZ) took to X (formerly known as Twitter) to share his thoughts on the memecoin fervor, warning investors to “not touch memecoins” if they “can’t handle downside swings.” However, later CZ deleted the tweet, saying that users “over-interpret” his tweets too often.

CZ has been interacting with his followers on X for the past few days, trying to understand the fervor behind memecoins. In jest, CZ had promised his followers that he will post pictures of his pet dog “Broccoli” after which the latter claimed that they will launch memecoins on Binance Smart Chain (BSC).

After CZ posted pics of dog Broccoli, there were several memecoins launched with a collective market cap of above $200 million in less than 12 hours. Taking cognizance of the Broccoli inspired memes, CZ, in his now deleted tweet, noted that while many claim to love memes, what they often seek is guidance on which tokens to buy for quick profits, something he made clear he does not provide. He pointed out that the meme coin ecosystem on BSC remains immature, with multiple platforms and decentralized applications facing performance issues.

He also claimed that teams are working on those now, but he said predicting production performance is challenging since traffic patterns are unpredictable, so it’s tough to get systems “perfect” in advance. Referring to the ongoing “broccoli” meme coin trend, CZ mentioned that six such projects had already crossed a $200 million market cap on BNB Chain, according to Dex Screener. Not sure if that’s good or bad, he did emphasize risk management once again, encouraging people approach meme coins if they can “handle the swings.”

Later, CZ deleted his tweet and posted a new one saying that people have been over-interpreting his tweets in different ways.