Following the sharp decline in the cryptocurrency market, Binance founder Changpeng Zhao (CZ) quoted the post shared by the project called Meta Financial AI (MEFAI) with the note, “A very interesting post.” While CZ's post quickly caused a huge stir on social media, a sudden increase was also seen in the MEFAI token price. MEFAI's statement asserted that Binance was the center of the recent sell-off and panic, but that it was not the initiator. The project stated that they would document the developments in detail and share them as a lesson for the future. The statement also noted that Binance's cold wallets are already known due to its proof of reserves, but that no sales have been made to these wallets recently. Chart showing the sudden increase in MEFAI price. Related News: Binance-Listed Altcoin Announces Major Token Burn Today: Price Recovery Still Not Seen MEFAI reported that its on-chain analysis revealed no sales from wallets confirmed to be owned by CZ or potentially linked to him. The project claimed that these claims refute market speculation and that its analysis is solely evidence-based. MEFAI also highlighted the potential role of certain market makers behind the selling pressure. It noted that these market makers profit from short-term price fluctuations by entering into agreements with numerous projects, and that some of the sharp market fluctuations may be related to such activities. *This is not investment advice. Continue Reading: BREAKING: Binance Founder CZ Interacts with an Altcoin Again, Causing Its Price to Spike
