Marscoin

Changpeng Zhao, founder of the cryptocurrency exchange Binance, announced on August 17 that he will stop using his public wallet. The move came after his burning of 4,444 Marscoin meme tokens as part of a wallet cleanup was over-interpreted by the community and fueled overheated sentiment. Zhao indicated that, considering the impact of his actions on the market, he intends to donate his remaining tokens and stop using that address. The sequence of events triggered immediate copycat trading on-chain and large losses. One trader spent 133,000 USDT right after the burn to buy 6.15 million Marscoin, but the price plunged more than 90 percent, leaving the trader with a loss of about 110,700 dollars.