Binance CEO CZ Warns Investors of Meme Coins

The head of Binance, Changpeng Zhao, warns investors about meme coins launched by Twitter accounts he follows

Changpeng Zhao, the head of the leading crypto exchange Binance, has taken to Twitter to warn investors about meme coins that are being launched by Twitter accounts he follows. He alerted his followers that certain groups of people are attempting to take advantage of his attention on Twitter by trying to buy the accounts that he has "randomly followed" recently. Meme coins have become trendy over the past few years, with Dogecoin being the original meme token created in 2013, and other meme cryptocurrencies such as Shiba Inu and BabyDoge following suit. CZ's warning comes after the Shiba Inu team released a beta version of its Layer-2 solution for the Ethereum chain called Shibarium, which the SHIB community had been looking forward to as they expected a surge in the price of the coin. However, neither the burning of more SHIB tokens nor the expected surge in price has occurred yet. In CZ's tweet, he also highlighted the four important things he plans to focus on this year at Binance: education, compliance, products & services, and paying less attention to FUD, fake news and attacks.