「BROCCOLI Plate」 Rushed Online on Binance Alpha, Retrospect of the 'Broccoli War' Sparked by This Donation

On the afternoon of February 18, the previously somewhat dormant "CZ's Dog" narrative suddenly became active. Around 6 PM, a new $BROCCOLI was launched, rapidly surging in a short period of time, quickly reaching a $50M market cap within an hour and a half, currently stabilizing around $10M. The token's explosion is not only related to the Renaissance but also closely tied to the recent $LIBRA and "charity relief" events.

In less than a day, Binance Alpha consecutively listed Broccoli (f2b), Broccoli (714), and Broccoli (f3b). The token ending with 714 saw its market cap initially halved from around $70M to a low of $30M, then rapidly rebounded, currently with a market cap of $56.56M. The trends of f2b and f3b tokens are very similar to 714, experiencing a sharp decline followed by a rebound to their original market cap levels.

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

After CZ announced on February 13 that his pet dog is named "Broccoli," dozens of similarly named meme coin projects quickly emerged on the BNB Chain, with a combined market cap exceeding $4 billion. This naming convention is not only because of its similarity in pronunciation to "blockchain" but also because of the community's fervent adulation of CZ's personal influence, creating a speculative spectacle known as the "Broccoli Night." However, behind this frenzy lurk whale manipulation, community division, and a crisis of trust.

Charity Events and CZ's Engagement: From Argentine President's Coin Issuance to "Love Airdrop"

The origins of this event can be traced back to the Argentine President Milei's coin issuance incident, where many crypto investors suffered significant losses. As a response, a university student KOL spontaneously initiated a $50,000 charity dinner assistance plan on the BNB Chain to compensate all victims (priority given to university students). Subsequently, CZ expressed support for this project and publicly transferred 150 BNB (around $100,000) to the charity address provided by the KOL, collaborating to launch the "Exclusive $LIBRA Losses BNBCHAIN Stablecoin Love Airdrop." However, this act of kindness inadvertently became the "trigger" for whale manipulation—CZ's donation address was seen by speculators as an "official endorsement signal," sparking a new round of meme coin hype.

After CZ's donation address was revealed, according to Aunt Ai'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 the token to CZ's donation address. The specific operation includes: creating a new token 13 minutes after CZ announced the donation address, and transferring 80% of the token's total supply (approximately 7.97 billion tokens) to CZ's address 2 minutes later, while also liquidating all remaining tokens with the 714 suffix and transferring the profitable 150 BNB back to CZ's address. The actual market value of the new token is approximately $7 million, representing 20% of the displayed market value. Currently, the investor holds 10.62 million tokens as the developer address, making them the largest holder of the token.

After the dev of the new token ending in aab backstabbed the old token ending in 714, the whale of the 714 community also began to counterattack. That night at 19:50 (UTC+8), they transferred 10 million 714 tokens to CZ's address, causing the market value of the 714 token to surge from $96 million to $126 million briefly, but then fell back to stabilize around $70 million. This action is both a protest by the community against the new token and exposes the nature of "market value management" in the Meme coin ecosystem, which relies on whale games.

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

In the afternoon of the 19th, Binance Alpha successively listed Broccoli (f2b), Broccoli (714), and Broccoli (f3b). The market value of tokens ending in aab plummeted from $12 million to around $5 million. The three selected tokens did not experience a significant increase but instead a sharp decline followed by a rebound to the original market value level. It seems that even with official approval, the "orthodox" side did not experience a major surge, and the "grassroots" side did not collapse to zero. After enduring round after round of intense "cultivation" and whale harvesting, the belief in the narrative has been overdrawn to what is left.

Although CZ has repeatedly emphasized that he "has not issued any Meme coins," after the "Broccoli War," CZ once wrote that in the process of diverting to the BNB Chain, the lack of understanding of the meme issuance process and community operations had a negative impact on many retail investors, for which he was very sorry, and promised to improve the performance of the BNB Chain and formulate a Meme coin incentive policy. However, his social media activity and the public donation address objectively provided speculative material to traders. There are over a hundred tokens with the name "BROCCOLI" on the BNB Chain. The Binance Web3 wallet even featured a "CZ's Dog" column on the first day listing the top four projects by market value (now closed), highlighting the platform's tacit approval of traffic dividends.

Furthermore, in this event, the whale manipulated retail investors through information asymmetry, liquidity control, and harvesting community sentiment, causing the so-called "decentralized community consensus" to degenerate into a capital game. This also highlights the 'witchcraft arena' nature of Meme coins.

The "Broccoli War" is not only a microcosm of Meme coin speculation but also reveals the vulnerability of the cryptocurrency market in its frenzy—when charity becomes a speculative hotspot, when community consensus falls into the hands of whales, the industry urgently needs to build a healthier ecosystem foundation from the technical, governance, and regulatory perspectives. "When you try to make money quickly, you often lose. When you donate money, you get more in return." This was CZ's sentiment in response to the donation event tweet. CZ's remarks and the BNB Chain upgrade commitment may be a starting point, but true change still requires time to prove.

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