CZ Burns $490K Meme Coins to Keep BNB-Only Donation Wallet
Binance founder Changpeng Zhao (CZ) has burned about $490,000 of unsolicited meme coins—quq ($305K), SIREN ($142K) and BNBCARD ($43K)—sent to his public donation wallet. This follows a $3.5 million token burn of Broccoli and Tutorial tokens seven months earlier. CZ warned on X that future unsolicited meme coins may be sold on the open market rather than destroyed. He reiterated that the donation wallet should only hold BNB to maintain wallet hygiene and remove scam risks. While such token burns can affect supply dynamics, this practical cleanup is unlikely to move market prices. Traders should monitor CZ’s donation wallet for potential sell pressure and short-term volatility in affected meme coin markets.
Neutral
The token burn of $490K in unsolicited meme coins is a compliance and security measure rather than a market-moving event. While burning reduces circulating supply, the amounts are relatively small and unlikely to drive significant price changes. CZ’s clear warning that future tokens may be sold introduces potential short-term sell pressure on unsolicited meme coins, but this applies only to low-liquidity tokens. For the broader market and BNB, the impact remains neutral. Traders should watch for minor volatility around CZ’s wallet actions but need not alter long-term positions based on this cleanup.