Yeliz Akmaca 
Changpeng Zhao (CZ), the founder of Binance, has executed a meme coin burn after approximately seven months, according to on-chain data. The operation involved destroying tokens worth a total of $490,000 from CZ’s publicly known donation wallet. The burned tokens include quq valued at $305,000, SIREN at $142,000, and BNBCARD at $43,000.
This move could have a notable impact on lesser-known meme tokens. Permanently removing these tokens from circulation reduces supply, potentially supporting price increases if demand remains steady or rises. The quq token, which accounts for the largest portion of the burn, may draw attention from short-term traders. SIREN and BNBCARD may also experience liquidity movements influenced by CZ’s actions.
On-chain data and transaction details can be verified through the Arkham Intel “cz-binance” entity page. This provides traders and investors with an important reference to analyze price movements tied to supply reductions.
CZ also shared on Twitter that the donation wallet only holds #BNB, and any received meme coins may be sold on the market next time.
“Just cleaning up the wallet. The donation address only keeps #BNB. Next time, I might choose to market sell any meme coins received.
Do not send tokens to the address if you don’t want them to be sold on the market.”
Impact on the Meme Coin Market
High-profile burns like this can increase short-term volatility and trigger speculative trading volumes in the meme coin market. Traders can use technical analysis tools, such as RSI and moving averages, to evaluate potential opportunities following the burn. However, the speculative nature of meme tokens requires careful, risk-managed approaches.
You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.