Binance co-founder Changpeng Zhao has sent multiple tokens to a burn wallet, stating that his preference is to burn the assets instead of selling and donating to charity. The former Binance boss burned $1.95M in TUT tokens, $547K worth of BROCCOLI, and $1.1M worth of Broccoli-caab. He added that he is looking for a way to clear the donations from his wallet, possibly making the process automated.
The tokens gained prominence through Four.meme and the Binance ecosystem and have been trying to burst into limelight and evential addition on Binance Alpha or even full listings. Despite this, Changpeng Zhao has distanced himself from the tokens by destroying his holdings.
Changpeng Zhao burns meme coins
Changpeng Zhao also burned Mubarakah (MUBARAKAH) tokens worth $358.22K. For now, Zhao still uses a public dead address to burn the tokens. This may be the best approach, as some tokens may also incur significant fees or be linked to malicious smart contracts. So far, Zhao still retains assets from other small projects. The TUT tokens were sent to Zhao by its developer, with the token part of the vote to list on Binance along with others.
TUT is currently in the price discovery stage, trading at $0.04. Zhao mentioned that he had no intention of hurting any of the projects, noting that a sale would hurt holders in the short term. His wallet receives occasional donations and payments, including fees from the ReachMe protocol. He mentioned that he thought about destroying the tokens despite their high values, choosing a different path from Ethereum boss Vitalik Buterin, who usually sells these tokens, crashing the prices.
The sale of tokens for charity was also seen as a short-lived trend that hurt investors. The recent drive to send Zhao more tokens follows the growth of BNB Smart Chain trading activity, which has produced several highly active assets. Zhao’s influence has often led to rallies for projects, with a large number of projects fighting for his attention. Since his BNB Smart Chain wallet is public, it receives a new transaction every minute. While most are valued under $100, some see rallies as high as 100x, which is a usual occurrence with meme coins.