Former Binance CEO’s Recent Altcoin Purchases

Former Binance CEO Changpeng Zhao (CZ), who still retains significant influence in the cryptocurrency world, made a symbolic purchase of two altcoins, according to on-chain data.

According to Lookonchain data, CZ purchased one BNB each of two memecoins, Mubarak and Test (TST), via a decentralized exchange (DEX).

CZ has been actively promoting the development of memecoins on the Binance Smart Chain (BSC) network. These recent purchases are likely aligned with that initiative. The recently launched memecoin Mubarak has already reached a notable market value of $66 million, with its price increasing by 69% in just 24 hours.

The Binance founder has shown a growing interest in decentralized cryptocurrency exchanges, despite admitting limited knowledge on the matter. He makes his purchases through the Four platform on the BSC network.

Following his purchases, many users have been sending their own tokens, particularly memecoins, to CZ’s emerging cryptocurrency wallet addresses for free. CZ announced plans to burn or donate these tokens.

> This is not investment advice.