A seemingly harmless social media post by Binance’s former CEO, Changpeng Zhao (CZ), sparked a full-blown meme coin frenzy, leading to one opportunistic trader walking away with a staggering $27.8 million. The chaos erupted after CZ casually revealed the name of his dog Broccoli prompting traders to flood the market with tokens inspired by the pet.
The drama unfolded when a Twitter user asked CZ if he had a dog. His response was a simple confirmation that he owns a Belgian Malinois named Broccoli. What happened next is a prime example of just how fast the crypto market reacts to hype. Within minutes, opportunists began creating meme coins named after the dog, hoping to ride the wave of speculation. But one trader, often referred to as a “sniper,” played the game better than anyone else.
Blockchain analytics firm Lookonchain revealed that this sniper had meticulously planned their move. By swiftly deploying multiple wallets and leveraging automated tools, they were able to scoop up large amounts of Broccoli tokens before the broader market even caught on. Once the hype pushed token prices higher, the sniper strategically offloaded their holdings, converting the gains into Binance Coin (BNB) and eventually swapping it all for Tether (USDT). When the dust settled, the trader had pocketed a cool $27.8 million.
WuBlockchain later reported that the sniper may have even been involved in developing one of these Broccoli tokens, potentially pushing their total earnings to over $36 million. While this meme coin frenzy made some traders rich, the broader crypto community wasn’t amused. Many investors were left with worthless tokens, fueling criticism against CZ himself. Some argued that CZ should have foreseen this outcome and taken steps to prevent fraudulent projects from launching under the Broccoli name. Others speculated that if he had announced an official meme coin on Binance Smart Chain (BSC), it could have prevented scammers from exploiting the situation.
Crypto influencers and investors voiced their frustrations on social media, with some directly calling out CZ for his perceived role in the fiasco. While there’s no indication that he had anything to do with the meme coin launches, his tweet inadvertently set off a speculative rush that left many retail traders burned. This incident is yet another example of how easily hype and speculation can dictate short-term market trends in the crypto space. Meme coins thrive on virality, and anything from a tweet to a celebrity endorsement can send traders into a frenzy.
For savvy investors, it was a lesson in both opportunity and risk. While the sniper executed their strategy flawlessly, countless others fell victim to FOMO (fear of missing out) and ended up holding worthless tokens. As the crypto industry continues to mature, events like these highlight the need for better safeguards against scam projects. Until then, traders will continue chasing the next viral moment—hoping to catch the wave before it crashes.
