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"CZ" Token Surges 100,000% After Changpeng Zhao Resigns From Binance

Opportunistic degens are making bank on Changpeng Zhao's Binance resignation by pumping $CZ and $TENG tokens

Image Credit: Web Summit

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Degens unite! Just hours after Changpeng Zhao announced his resignation from Binance, opportunistic degens took to their DeFi apps to make bank on a newly created "CZ" coin.

The Binance Effect: What CZ’s Exit Means for Crypto Markets
With Changpeng Zhao out and Richard Teng in, what does Binance’s overhaul mean for the crypto markets?

Surging over 100,000% within 24 hours as per Dex Scanner, the CZ token opened with countless zeros behind the decimal point and rose to, well, fewer zeros behind the decimal point.

As per the degen code, the actual value of a Meme coin is irrelevant, with only the percentage gain in question.

One particular wallet made over $76,000 after buying 133,795,847.595 CZs with an average cost of $0.000062.

Twitter account dealer.eth broke down the trade, explaining how the wallet turned $4,600 into $214,000 in just 22 hours.

Currently, CZ coin has a market cap of $6.1 million, and of course, has no relation to the famed crypto mogul or his exchange.

Another token riding the news cycle is TENG - a tribute to Binance's new CEO, Richard Teng. Although not as successful as CZ, TENG rewarded degens a sweet 14,000% return since its debut. TENG appears to have cooled down and currently only has a market cap of $277,000.

CZ resigned yesterday, as the US Justice Department slapped a $4 billion fine on Binance. He pleaded guilty to anti-money laundering violations and has agreed to pay a $50 million fine.

"I made mistakes, and I must take responsibility," he tweeted, announcing his decision to step down. "This is best for our community, for Binance, and for myself."

CZ Steps Down But Who is Binance’s New Singaporean CEO, Richard Teng?
Ex-MAS Director Richard Teng is taking the helm at Binance as Changpeng Zhao steps down, but who exactly is this mysterious Singaporean?

Teng, who served as Binance Singapore CEO, Regional Head of Mena, Regional Head of Europe and Mena, Regional Head of Asia, Europe and Mena, and Head of Regional Markets, will take the helm as Binance CEO.