After Binance co-founder Changpeng “CZ” Zhao revealed his personal portfolio, BROCCOLI, a meme coin built on BNB, spiked nearly 33%.
Although this asset spiked, BNB’s own altcoin actually went down. This is likely because CZ’s substantial holdings were common knowledge.
CZ Reveals Substantial BNB Holdings
Changpeng “CZ” Zhao, the former CEO and co-founder of Binance, is impacting the market with his portfolio holdings. Recently, he caused a meme coin to rally after claiming he had little experience with DEX trades and caused a flood of BROCCOLI tokens when he revealed the name of his dog.
Today, however, CZ displayed his wallet holdings, which are over 98% in BNB.
This has had a few bizarre impacts on the market. Zhao holds 1.32% in BTC, 0.17% in EURI, a euro-pegged stablecoin that he got from using the Binance Card, and 0.03% in USDT.
Even though CZ’s personal holdings overwhelmingly consist of one asset, BNB’s price hasn’t actually gone up. Quite the opposite; it’s actually declined since his posts went live.
At first glance, this doesn’t make much sense. CZ’s public statements have had a previous bullish impact on the price of BNB, including one solid example earlier this month.
However, the token is currently undergoing bearish market pressure, and his comments can’t reverse it. More to the point, it was already broadly known that CZ maintains significant holdings:
“Researchers spent months trying to pin down exactly how much BNB Changpeng Zhao actually owns. It is 64% of the entire supply, with a nominal value of $56 billion,” Forbes reported in June of last year.
In other words, the community already knew that CZ held a lot of BNB tokens. The only revelation is that he maintained these holdings without substantial investment in any other cryptoasset.
However, one BNB project actually benefitted from the social media buzz. BROCCOLI, a meme coin named after CZ’s dog, rallied nearly 33% today.
BROCCOLI is just one of many meme coins named after the dog, several of which are fiercely competing for attention. Previously, CZ claimed that he “will likely interact with a few of the more popular [Broccoli-based] meme coins on BNB Chain,” and this project fits the bill.
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