CZ STATUE Meme Coin Drops After Zhao Tells Users to Avoid

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CZ STATUE Meme Coin Plummets After Changpeng Zhao Urges Users Not to Buy

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 30, 2025

Key Takeaways

Changpeng Zhao warned users not to invest in a meme coin using his image, as he stated it was created to exploit attention for profit;
The token, named CZ STATUE, briefly reached a $5.1 million market cap before crashing 86% within hours of launch;
A newly created wallet held over 15% of the supply, which raises red flags about insider control and fairness.

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CZ STATUE Meme Coin Plummets After Changpeng Zhao Urges Users Not to Buy

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Changpeng Zhao, the founder of Binance $8.35B , has warned people not to invest in a new meme coin that used his name and image.

The token, named CZ STATUE, appeared after a fan group shared photos of a gold-colored statue they made of him. They even offered to send it to him.

Zhao addressed the situation in a post on X. While he thanked the fans for the statue, he stated he did not support the meme coin that came with it.

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He noted that the meme coin was created only to take advantage of the moment and make instant money, which he said he did not approve of.

CZ STATUE saw its value rise after launch. It reached a market cap of around $5.10 million by 10:00 AM UTC on October 29. However, within hours, the meme coin lost around 86% of its value.

Blockchain analysis company Nansen pointed out another concern. A recently created wallet held over 15% of the token supply. This raised doubts about fairness and transparency.

When a large portion of a token is held by a single wallet, it often signals insider control. Nansen called this a red flag.

Changpeng Zhao recently denied a news report that his investment company, YZi Labs, was preparing to accept funds from external backers. What did he say? Read the full story.