Whale builds a $5M position on CZ’s unofficial dog token, Broccoli

Just as expected, it was enough for Changpeng ‘CZ’ Zhao to post a picture of his dog, Broccoli, to spark a new meme token frenzy. While CZ did not intend to launch a token himself, his influence on the meme market was undeniable. 

Whales moved in to buy one of the tokens launched based on the dog of Changpeng ‘CZ’ Zhao. The young Belgian shepherd dog, named Broccoli, was the reason for a series of memecoin launches. Two of the tokens were preliminary, but one stood out from the dog pack. 

The Broccoli token is the one with the most active trading and has $9.4M in liquidity in its most active pair. As with other meme tokens, a handful of early traders realized the biggest gains. Some of the earlier whales realized profits of up to $6.7M after fully selling a share of 84.9M tokens. 

Whale builds a $5M position on CZ's unofficial dog token, Broccoli.
The whale continued to accumulate the token, as Broccoli expanded toward $0.18 a day after its launch. | Source: DexScreener.

Currently, the top holder of Broccoli is a whale that bought $5.5M worth of the token, and sits on a large unrealized loss. The wallet belongs to a DEX trader, with purchases made a few months apart. The whale was last active on the BNB Chain in April 2024 and has limited transactions on Ethereum. 

The whale bought the token with the CA address of 0x6d5AD1592ed9D6D1dF9b93c793AB759573Ed6714, which continued to see significant buying pressure. The accumulation of the token to whale addresses set expectations that Binance may be preparing to list one of the Broccoli tokens, and has chosen precisely this version. So far, Binance has been conservative in listing the newest memes, but now the meme tokens originate from its own ecosystem.

The whale holds most of the Broccoli acquired initially and a few hours ago, the wallet realized profits. After that, the wallet continued with small acquisitions. The version of Broccoli this trader selected traded at $0.18, rallying again after the initial crash. Broccoli also peaked above $0.30 during its early rally.

The other problem with Broccoli is that whales may be making bets on several versions of the token, in addition to preliminary launches and memes linked to CZ’s dog.

Broccoli boosts the visibility of Four.meme

The popularity of CZ’s dog and all its related tokens arrived just in time to boost the visibility of Four.meme. Soon after CZ posted his dog’s story, the meme platform briefly lost service due to increased demand. 

The platform responds to social media activity around Binance’s tokens and promotions. Currently, most new meme launches try to repeat the success of Test Token (TST) and Broccoli, with variations similar to previous meme token waves. 

Four.meme is just breaking out with daily records of traffic and active users. In the first days after the platform’s launch, 814 of its more successful tokens were launched on PancakeSwap. Each day, up to 100 tokens get added to the DEX, which also recently posted peak traffic. 

Whale builds a $5M position on CZ's unofficial dog token, Broccoli.
Four.meme is posting daily record for traffic and new token creation, after months of low-key activity. | Source: Dune Analytics

On February 12, the Four.meme platform reached its earliest peak, with 8,712 unique tokens. Nearly 40,000 tokens were launched in the first days of the platform. 

Four.meme has been around for months, with limited meme launches. The recent peak activity followed the creation of Test Token (TST). The biggest effect on the platform’s expansion was the explicit mentions of tokens by Zhao. Despite denying an outright promotion, the CZ effect was real, jump-starting the growth of the meme platform. 

CZ faces criticism for pushing for a meme season

The BNB Smart Chain hype raised the price of BNB over $700 briefly. BNB slid to $673.79, still ranked fifth by market capitalization and ahead of Solana. 

It is still early to say if Four.meme would be able to replace Pump.fun. In the past few weeks, meme token creation slowed down on Solana, but it remains at a high baseline. Recently, TRON’s Sun.pump meme token showed an inflow of new users. 

The rapid popularity of BNB and TRON meme seasons sparked criticism that the interest may not be organic. Zhao commented that he always had the goal of increasing traffic on the BNB Smart Chain, but he did not want to specifically push or create meme tokens. 

For some, the creation of social media hype is a bad sign for meme platforms, as the initial interest may wear out quickly.

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