Degens Ride the Wave: Massive Surge in ‘CZ’ Token Amid Binance CEO’s Resignation

Binance Changpeng Zhao
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Fredrik Vold
Author Categories
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Trading in front of a screen
Source: Adobe / MysteryShot

Risk-loving crypto traders, often referred to as “degens,” are capitalizing on the recent announcement of Binance CEO Changpeng Zhao’s (CZ) resignation and guilty plea by scooping up a newly launched token called “CZ.”

Despite the uncertainty in the industry about the implications of CZ’s departure, degens wasted no time and swiftly introduced the CZ token on the Ethereum-based decentralized exchange (DEX) Uniswap.

Within a few hours of the news breaking, the CZ token experienced an astonishing surge, currently boasting an increase of more than 100,000% in the last 24 hours, per data from dexscreener.com.

CZ/USD price
CZ/USD price. Source: CoinMarketCap

It’s important to note that the token has no affiliation with Binance or CZ, and that it was created by an anonymous developer who seized the opportunity to capitalize on the situation.

$3.7 million market cap

After having been live for close to 24 hours, the CZ token already holds a market capitalization of $3.7 million, a figure that has trended rapidly higher during the short period since its launch.

CZ token trading data
Source: dexscreener.com

TENG token goes live

Meanwhile, another token associated with the unfolding drama has also entered the scene: TENG.

Named after Richard Teng, CZ’s successor as CEO of Binance, the TENG token has seen a more modest 10,000% gain since being introduced to the market on Tuesday.

TENG/USD price
TENG/USD price. Source: CoinMarketCap

Like the CZ token, the TENG token has no affiliation with Richard Teng or Binance, and could very well be a rug pull waiting to happen.

More Articles

Industry Talk
Trump Meme Coin Hit With Legal Complaint – Is a Total Collapse Coming?
Harvey Hunter
Harvey Hunter
2025-02-07 17:52:52
Exclusives
How Tether Co-Founder William Quigley Views Crypto Regulations in Trump’s Second Term
Hongji Feng
Hongji Feng
2025-02-07 17:50:38
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors