On the morning of November 22nd, the crypto community witnessed a surge of activity as Binance and Changpeng Zhao (CZ) accepted the demands of the U.S. Department of Justice (DOJ). People across the industry took to Twitter to express their thoughts, and it seems that it’s still unclear whether this development is positive or negative for the cryptocurrency space.
While the crypto community is busy analyzing whether this will impact the market or not, opportunistic individuals have taken a different path to capitalize on the situation. Specifically, a series of “shitcoins” related to the Binance/Changpeng Zhao drama were quickly created and launched into the market.
The CZ token was introduced and traded on the Ethereum DeFi exchange Uniswap, and it surged by an astounding 55,000% within a few hours. At the time of writing, CZ has a relatively attractive market capitalization of $1.6 million, but it’s important to note that the market cap is highly volatile, and this comes with significant risks.
Another token related to the drama is TENG, named after Richard Teng, the new CEO of Binance. Token TENG has seen a 14,000% increase in value since its launch just a few hours ago.
These are tokens that are riding the wave with extremely high risk. Therefore, investors should exercise caution and carefully consider the potential liquidity and the risk of a sudden downturn associated with such projects.