According to GMGN monitoring, on February 28, the BSC-based Meme coin Freedom of Money surged over 5000% within an hour, briefly surpassing an $8 million market cap before retreating to around $5.5 million, with a 24-hour trading volume of $8.8 million.
Event Background and CZ's Response
The surge was linked to CZ's response to a New York Times article. Earlier reports suggested CZ used the title Freedom of Money for a draft of his upcoming book, seen by some as free publicity. CZ later confirmed the book is nearing official publication and noted that changes remain possible.
In a follow-up interaction, CZ clarified that the tentative Chinese title would be Binance Life, though he emphasized the right to make future adjustments. This statement further fueled market speculation, contributing to the sharp rise in the Meme coin's price.
Investment Risk Alert
- Meme coins derive value primarily from community sentiment and hype, lacking real-world utility.
- Prices are highly volatile, with sharp swings occurring in short periods.
- Investors should remain cautious and avoid impulsive decisions.
As a reminder, trading Meme coins involves significant risk, and investors should proceed with caution and thorough research.