The world of cryptocurrency once again showed its unpredictability after Changpeng 'CZ' Zhao's tweet ignited a trading frenzy centered around memecoins.
How a Tweet Started a Multi-Million Dollar Frenzy
On February 13, CZ mentioned on X that he had a Belgian Malinois, which sparked trader interest in creating dog-themed memecoins. Playing with the buzz, CZ gave a three-hour window for guesses before revealing the dog's name as Broccoli.
The Birth of Broccoli Memecoins
Once the name was confirmed, hundreds of Broccoli-related tokens emerged, especially on Solana and Binance Chain networks. Some launchpads, such as Four.Meme, crashed under the demand.
Who Profited from the Broccoli Craze?
The biggest gains went to early players and insiders. One wallet, 0x392eb, created tokens worth less than $1,000 and started selling minutes later, netting $6.5 million. Late buyers, however, faced losses.
The Broccoli craze highlights the risks of investing in memecoins. Although some profited, the lack of intrinsic value and high volatility make such tokens highly speculative. CZ did not endorse any memecoin, underscoring their speculative nature.
