Changpeng Zhao, head of the leading crypto exchange Binance, has taken to Twitter to warn investors against getting into certain meme coins.
CZ shared that some Twitter accounts are using the fact that he follows them to launch meme coins and sell them to unsuspecting investors. CZ warns investors not to fall for these cryptocurrencies, which claim to be “supported by CZ.”
Meme coins have become increasingly popular over the past few years, with Dogecoin being the most famous example.
However, many other meme cryptocurrencies, including Shiba Inu, BabyDoge, and Dogelon Mars, have emerged in recent years. Despite their popularity, these coins have a reputation for being highly volatile and risky.
CZ’s warning comes after he found out that some Twitter accounts he recently followed are being put up for sale, with buyers using them to launch their own meme coins.
CZ immediately unfollowed these accounts and issued a warning to the crypto community, urging them not to invest in these coins.
Although CZ did not name any particular tokens, his warning is an important reminder to investors to exercise caution when investing in cryptocurrencies.
As the crypto market continues to grow and evolve, it is essential to stay informed about the latest developments and trends and to be aware of the risks associated with investing in these assets.