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. 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.
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. 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.
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