How many people have reached the top in the market's frenzy?
Author: Pzai, Foresight News
In the early morning of February 14, with the announcement by CZ, the co-founder of Binance, that the name of his dog is Broccoli, the market reacted strongly in a short period of time. Within a short period of time, the large number of requests for token creation and trading has made the BNB Chain bustling, even causing BSCScan to undergo unscheduled maintenance. How did this "Hundred Dogs Night" social experiment come about? How many people have reached the top in the market's frenzy?
Origin of the Event
On February 13, CZ revealed in response to a netizen's question that he has a Belgian Malinois. When community members requested to share photos and the name of the dog to create a Meme token, he asked: "How does this work? If I share photos and the name of my dog, will people create a Meme token? How do they know which one is the official one? Or does it even matter?"
After understanding the relevant mechanism, CZ said, "The way it works is interesting. Like making any major decision, I need to think about it for about a day. Should I respect its privacy, or should I make the dog's information public for everyone? Okay, I might even interact with a few Meme coins on the BNB Chain." This also opened the prelude to this craze.
After CZ's enthusiastic response, the MEME platform Four.Meme on the BNB Chain announced the launch of the CZ Dog Name Meme token betting activity, and a large number of users began to flood in to guess.
Among the many guesses, Brownie (0xAA7) took the lead, reaching a market capitalization of $100 million at the height of last night's market heat, and another Brownie (0x556) token also once reached a market capitalization of $35 million, both of which quickly fell by 99% after CZ announced the real name.
However, in this environment, there were still traders who profited handsomely. According to Onchain Lens monitoring, a trader initially used 0.4 BNB (about $259) to buy 25.43 million BROWNIE, and at the highest point, he made a return of $2.13 million, a return on investment of 8,460 times. But in the subsequent decline, the investor's return was greatly reduced, and he ultimately made a return of $92,600, but the return rate was still as high as 357 times.
Among the many dog armies, most of the tokens were issued on the BNB Chain, and the market performance of each token was also different. Foresight News has summarized the performance of the relevant tokens here.
Broccoli Arrives
In the early morning of February 14, CZ announced the name of his dog as Broccoli, a young Belgian Malinois. CZ tweeted: "I wanted a name starting with B and having some green, so I named him Broccoli. It also has a Blocky sound, like in blockiichain."
Regarding the issuance of MEME coins, CZ also said: "I just posted a photo and the name of my dog. I'm not issuing MEME coins myself. It's up to the community to do so. I might interact with some more popular meme coins on the BNB Chain (BSC). The BNB Foundation might provide LP support or other rewards for popular MEME on the BNB Chain."
In terms of behavior, CZ is providing a possible social experiment through Broccoli, and the market has also enthusiastically responded to this demand, with the Broccoli army emerging. The largest of which, Broccoli (0x6d5), has a current market capitalization of $163 million, and several other Broccoli tokens have also gained market capitalizations ranging from millions to tens of millions of dollars. The creators of the Broccoli tokens also turned 1 BNB (about $707) into 9,819 BNB (about $6.72 million) in 24 minutes, achieving a 9,517-fold return.
Binance's Web3 wallet has even started "official shenanigans", with a separate new token list called "CZ's Dog" on its market page, and 4 tokens of the same name have been launched, with a maximum trading volume of over $260 million. But on February 14 at 16:14, this section was removed from the Binance wallet.
Such a huge traffic flow has also put pressure on the data of the BNB Chain. For example, the BNB Smart Chain browser BscScan stated that it is undergoing unscheduled maintenance, and the block data is not the latest. The reason is that there are problems with the database service, and the engineering team is working to restore it.
CZ also said, "I didn't expect this to be a stress test. But interestingly, the breadth stress test (creating a large number of new tokens) and the depth stress test (a CA with a lot of trading activity). I think everyone is preparing for the latter. There is still a lot to improve." In the MEME trading in recent years, hot money has mainly concentrated on chains like Solana and Base, and CZ's series of "dog marketing" has undoubtedly brought dividends to the BSC.
