This memecoin, PALU, surged over a massive 1,300% today after Binance co-founder Changpeng “CZ” Zhao playfully endorsed the memecoin on X.
What is surprising is that CZ only said two words “Who dis” and the price shortly after skyrocketed to a $76.3 million in market cap. However, what fuels the surge is the reason behind the memecoin.
Binance Mascot Coin Goes Viral
PALU is a community-driven mascot token that was created to celebrate the culture through humor and fan art. The coin’s mascot is a cartoon version of CZ himself which makes it both a tribute and a meme.
It first appears as a fan creation before being adopted by traders who have decided to call it the “Binance mascot coin.” The design and the playful concept around it helped it spread fast among the Binance supporters and crypto meme enthusiasts, who see it as a fun symbol of the BNB Chain ecosystem.
At the time of writing, the memecoin is trading for $0.0826, with over $77.4 million in trading volume.
Binance Alpha Listing Pushes PALU’s Price Higher
The surge further intensified after Binance’s Alpha platform reportedly listed the memecoin for trading. Within the first hours of trading, PALU’s market cap jumped from roughly $3 million to over $80 million, then briefly touching $100 million before easing down.
Moreover, data from X-Alpha shows that 12 wallets together purchased around $2.98 million worth of the memecoin soon after CZ’s post. One whale wallet reportedly bought $100,000 worth of the token just before the tweet, according to Bubblemaps.
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