CZ Denounces TST Memecoin's Unauthorized Binance Branding
Binance CEO Changpeng Zhao (CZ) has addressed the recent surge of the TST memecoin within the BNB Chain ecosystem. In a post on X (formerly Twitter), CZ clarified that neither the TST website nor its X account were created by the BNB Chain team. He explicitly stated that Binance has no control over this memecoin and that it is likely managed by a community member, whose identity remains unknown.
Unauthorized Binance Branding
CZ highlighted a significant issue: the unauthorized use of the Binance logo on TST memecoin materials. He emphasized that this constitutes an infringement and must be rectified. CZ reiterated that, like many other memecoins, he has never purchased and does not hold any TST tokens.
TST Memecoin's Rapid Rise
The TST memecoin gained rapid popularity following a BNB Chain tutorial demonstrating how such assets function. Its market capitalization skyrocketed to $35 million within four hours and exceeded $100 million at its peak, representing a growth of over 22,000%. While this demonstrates the potential of the BNB Chain ecosystem for memecoin growth, Solana remains the dominant hub for such assets.
Memecoin Market and ETF Aspirations
With the memecoin market valued at $70 billion, asset managers are increasingly interested in these volatile assets. Tuttle Capital Management recently filed for a leveraged Dogecoin ETF with the SEC, signaling a potential shift towards greater institutional involvement. Other firms, such as Rex-Osprey, are exploring ETFs for memecoins like BONK and TRUMP. While the approval prospects are currently uncertain, these filings signify the maturing of the memecoin market.
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Disclaimer: This content is for informational purposes only and does not constitute financial advice. Market conditions are volatile. Conduct thorough research before investing in cryptocurrencies.