To do memes, it has to be charity; to do BSC, it has to be CZ.

Written by: Penny

On the afternoon of February 18, the narrative of "CZ's Dog," which had been somewhat quiet, suddenly became active. Around 6 PM, a new $BROCCOLI was issued, rapidly rising in a short time, reaching a market cap of 50M within an hour and a half, and currently stabilizing around 10M. The explosive popularity of this token is not only a renaissance but is also closely related to the recent $LIBRA and "charity relief."

Event Background: CZ's "Broccoli Night" and Meme Coin Carnival

After CZ announced on February 13 that his pet dog was named "Broccoli," dozens of similarly named meme coin projects quickly emerged on the BNB Chain, with the market cap once exceeding 400 million dollars. This naming was not only due to its phonetic similarity to "Blockchain," but also because of the community's fervent adoration for CZ's personal influence, creating a speculative phenomenon known as "Broccoli Night." However, behind this carnival lies the manipulation by whales, community fragmentation, and a crisis of trust.

Charity Activities and CZ's Entry: From the Argentine President's Coin Issuance Incident to "Heartfelt Airdrops"

The origin of the matter can be traced back to the Argentine President Milei's coin issuance incident, where many investors in the crypto space suffered significant losses. In response, a university student KOL spontaneously initiated a $50,000 charity dinner assistance plan on the BNB Chain, aimed at compensating all victims (with priority given to students). Subsequently, CZ expressed support for this project, transferring 150 BNB (approximately $100,000) to the publicly disclosed charity address of the KOL, and jointly launched the "Exclusive $LIBRA Airdrop for Loss Victims on BNBCHAIN." However, this act of kindness unexpectedly became the "catalyst" for whale manipulation—CZ's disclosed donation address was seen by speculators as an "official endorsement signal," triggering a new round of meme coin speculation.

After the donation address was disclosed, according to Ai Yi's monitoring, an investor who made a profit of $460,000 on BROCCOLI (0x6d5…714) created a new token BROCCOLI (0xa14…aab) and transferred 150 BNB and that token to CZ's donation address. The specific operation included: creating the new token 13 minutes after CZ disclosed the donation address, and 2 minutes later transferring 80% of the token supply (approximately 797 million tokens) to CZ's address, while liquidating all remaining tokens ending in 714 and transferring the profit of 150 BNB back to CZ's address. The actual market cap of this new token is about $7 million, showing a market cap of 20%. Currently, this investor, as the developer address, holds 10.62 million tokens, making them the largest holder of this token.

After the new token with the ending aab backstabbed the old token ending in 714, the whales of the 714 community began to retaliate. That evening at 19:50 (UTC+8), they transferred 10 million 714 tokens to CZ's address, causing the market cap of 714 tokens to rise from $96M to $126M in a short time, but it later fell back, currently stabilizing around $70M. This action was both a protest from the community against the new token and exposed the essence of "market cap management" relying on whale games within the meme coin ecosystem.

On the morning of the 19th, CZ tweeted that the BNB received at the donation address was more than what he donated, and there were also many other tokens. He stated that he would not keep a penny and was most likely to donate to those who suffered losses on TST or some Broccolis. He emphasized, "This is not an endorsement of any token; do not overinterpret this."

Although CZ has repeatedly emphasized that "no meme coins have been issued," after the "Broccoli War," he stated that during the process of attracting traffic to the BNB Chain, the lack of understanding of the meme issuance process and community operation had brought negative impacts to many retail investors, for which he expressed deep apologies and promised to enhance the performance of the BNB Chain and formulate meme coin incentive policies. However, his social media dynamics and the public disclosure of the donation address objectively provided material for speculators to hype. There are over a hundred tokens named "BROCCOLI" on the BNB Chain, and the Binance Web3 wallet even featured a "CZ's Dog" column on the first day to include the top four projects by market cap (which has since been closed), highlighting the platform's tacit approval of traffic dividends.

Additionally, in this incident, whales exploited information asymmetry, liquidity manipulation, and community sentiment to harvest retail investors, reducing the so-called "decentralized community consensus" to a capital game, also highlighting the essence of meme coins as a "refining ground."

The "Broccoli War" is not only a microcosm of meme coin speculation but also reveals the fragility of the cryptocurrency market in the midst of fervor—when charity becomes a speculative hotspot, and community consensus is reduced to whale chips, the industry urgently needs to build a healthier ecological foundation from the perspectives of technology, governance, and regulation. "When you try to make money quickly, you often end up losing. When you donate money, you will receive more in return." This is CZ's sentiment in response to the donation incident tweet. CZ's statements and the upgrade commitments of the BNB Chain may be a starting point, but true change still requires time to validate.

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