CZ Reveals Substantial BNB Holdings, Impacts the Market with His Portfolio

Changpeng “CZ” Zhao, the former CEO and co-founder of Binance, is impacting the market with his portfolio holdings. Recently, he caused a meme coin to rally after claiming he had little experience with DEX trades and caused a flood of BROCCOLI tokens when he revealed the name of his dog.

Binance co-founder Changpeng “CZ” Zhao revealed his personal cryptocurrency portfolio on Monday, showing that nearly all of his holdings are in the exchange’s native token, BNB.

This revelation had a curious impact on the market, with the meme coin BROCCOLI rallying nearly 33% but BNB’s own altcoin showing a decline.

CZ's Impact on the Crypto Market

Changpeng “CZ” Zhao, the former CEO and co-founder of Binance, continues to influence the market with his portfolio holdings. In the past, his actions have caused a meme coin to rally (after he mentioned having little experience with DEX trades and a flood of BROCCOLI tokens after he named his dog).

Now, CZ has disclosed his wallet holdings, which show that over 98% of his portfolio is in BNB.

This had a few curious effects on the market. For one, Zhao’s holdings include 1.32% in BTC, 0.17% in EURI (a euro-pegged stablecoin that he obtained through using the Binance Card), and 0.03% in USDT.

Despite CZ's personal holdings being overwhelmingly concentrated in a single asset, BNB's price did not register an increase. In fact, it declined after his posts went live.

This may seem counterintuitive at first, given that CZ's public statements have previously had a positive impact on BNB's price, with one notable instance occurring earlier this month.

However, the token has been facing bearish market pressure, which even his comments failed to fully offset.

Moreover, it was already widely known that CZ maintains significant holdings, as reported by Forbes in June of last year:

“Researchers spent months trying to pin down exactly how much BNB Changpeng Zhao actually owns. It is 64% of the entire supply, with a nominal value of $56 billion.”

In essence, the community was already aware that CZ holds a lot of BNB tokens; the only new revelation is that he maintains these holdings without any substantial investment in any other cryptoasset.

However, one BNB project did benefit from the social media buzz, with BROCCOLI, a meme coin named after CZ's dog, rallying nearly 33% on Monday.

BROCCOLI is just one of several meme coins that are named after CZ's dog, with several of them competing fiercely for attention.

As previously reported by CryptoSlate, CZ stated that he “will likely interact with a few of the more popular [Broccoli-based] meme coins on BNB Chain.”