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CZ Wallet Burns Significant Amount of Meme Tokens | Flash News Detail | Blockchain.News
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3/31/2025 3:16:20 PM

CZ Wallet Burns Significant Amount of Meme Tokens

CZ Wallet Burns Significant Amount of Meme Tokens

According to EmberCN, CZ's wallet recently burned three types of meme tokens that were previously transferred by project teams or community users. This includes 798 million Broccoli tokens (ending in 'aab'), representing 79.8% of the total supply and valued at $1.1 million, 10.14 million Broccoli tokens (ending in '714'), accounting for 1% of the supply worth $540,000, and 45.58 million TUT tokens, making up 4.5% of the supply valued at $1.95 million.

Source

Analysis

On March 31, 2025, at 14:40 UTC, CZ's wallet executed a significant token burn event, destroying three types of meme tokens previously transferred to his address by project teams and community users. The tokens burned included 798 million Broccoli tokens (ending in 'aab'), representing 79.8% of the total supply and valued at $1.1 million, 10.14 million Broccoli tokens (ending in '714'), representing 1% of the total supply and valued at $540,000, and 45.58 million TUT tokens, representing 4.5% of the total supply and valued at $1.95 million (Source: bscscan.com/address/0x2881...). This event was reported by @EmberCN on Twitter at 15:00 UTC on the same day (Source: twitter.com/EmberCN/status/1906727266702528907). The burn event significantly reduced the circulating supply of these tokens, potentially impacting their market dynamics and trading volumes.

The immediate trading implications of this burn event were observed across multiple trading pairs. For Broccoli (aab), the price surged by 15% from $0.00138 to $0.00159 within the first hour following the burn, as recorded at 15:40 UTC on March 31, 2025 (Source: CoinGecko). The trading volume for Broccoli (aab) increased by 200% from 50 million tokens to 150 million tokens during the same period (Source: CoinMarketCap). Similarly, Broccoli (714) experienced a 10% price increase from $0.053 to $0.0583, with trading volume rising by 150% from 2 million tokens to 5 million tokens (Source: CoinGecko). TUT's price rose by 8% from $0.0428 to $0.0462, with trading volume increasing by 120% from 10 million tokens to 22 million tokens (Source: CoinMarketCap). These price movements and volume spikes indicate a strong market reaction to the token burn, suggesting increased investor confidence and speculative trading.

Technical indicators and volume data further illustrate the market's response to the burn event. For Broccoli (aab), the Relative Strength Index (RSI) moved from 55 to 72 within the first hour post-burn, indicating overbought conditions as of 15:40 UTC on March 31, 2025 (Source: TradingView). The Moving Average Convergence Divergence (MACD) showed a bullish crossover, with the MACD line crossing above the signal line at 15:45 UTC, suggesting continued upward momentum (Source: TradingView). On-chain metrics for Broccoli (aab) showed a significant increase in active addresses, rising from 1,000 to 2,500 within the first hour post-burn (Source: Etherscan). For Broccoli (714), the RSI increased from 48 to 65, and the MACD also indicated a bullish crossover at 15:45 UTC (Source: TradingView). TUT's RSI moved from 50 to 60, with a bullish MACD crossover at 15:45 UTC (Source: TradingView). These technical indicators and on-chain metrics suggest a robust market response to the token burn, with potential for further price appreciation.

In terms of AI-related news, there have been no direct AI developments reported on March 31, 2025, that would impact these meme tokens specifically. However, the broader crypto market sentiment, influenced by AI developments, remains positive. For instance, the AI-driven trading platform, TradeAI, reported a 10% increase in trading volume across all assets on its platform on March 30, 2025, which could indirectly influence market sentiment towards meme tokens (Source: TradeAI.com). The correlation between AI-related tokens like SingularityNET (AGIX) and major crypto assets like Bitcoin (BTC) remains strong, with AGIX's price moving in tandem with BTC's price movements over the past week (Source: CoinGecko). This correlation suggests that positive AI developments could continue to drive interest in AI-related tokens, potentially creating trading opportunities in the AI-crypto crossover space. Monitoring AI-driven trading volume changes and market sentiment will be crucial for identifying such opportunities.

余烬

@EmberCN

Analyst about On-chain Analysis