Binance founder Changpeng "CZ" Zhao marked the new launchpad on the BNB Chain with a clap emoji on Thursday. The GENIUS token surged within hours, after which Zhao questioned whether the rise was due to his post.
Genius Terminal, an on-chain trading platform with a token on the BNB Chain, launched the genius fun launchpad on Thursday. Zhao noted the announcement with a clap emoji and nothing more. The price of GENIUS rose above $0.42 and then declined throughout the day. The token's market capitalization is around $118 million, which is enough for a single post to move the price. The token is still trading significantly below the April high of $0.95.
On Friday, Zhao expressed doubt about the connection after a user attributed the rise to him. According to him, he writes about projects that are making progress on the BNB Chain. "Maybe this is related to the new release, not my tweet? I haven't checked (and still haven't checked) the chart. I just write about projects that are doing well on the BNB Chain (and beyond)," he wrote. His posts have previously moved small markets on the BNB Chain: in July, a viral post brought one buyer a 357x return on a token named after him.
Genius Foundation, the group behind the GENIUS token, launched genius fun on Thursday. The same team launched an on-chain options exchange in June. The launchpad combines new tokens with tokenized shares of public companies, known as bStocks, rather than just crypto assets. According to the team, buyers can send these positions to a fund that rolls them into real shares. Then holders would be able to vote in corporate governance. So far, no campaign has received a stake in a public company.
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