Record-Breaking Binance Coin Price Surge Propels CEO Changpeng Zhao’s Net Worth to $75.8 Billion
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Changpeng Zhao’s Net Worth Soars to $75.8 Billion as Binance (BNB) Price Hits All-Time High
Changpeng “CZ” Zhao, the co-founder and CEO of Binance, has seen his net worth skyrocket after the Binance Coin (BNB) price surged to a new all-time high of $850.70 on Monday.
According to blockchain analytics firm Nansen, CZ’s holdings in BNB have now exceeded an astonishing $75.8 billion, placing him among the top 23 richest individuals globally, as per Forbes’ latest report.
The reasons behind this surge are attributed to rising on-chain activity, whale purchases, and increased PancakeSwap trading volume, according to Kronos Research analyst Dominick John. Additionally, Binance’s ongoing token burn program has significantly contributed to the token’s price increase by reducing its circulating supply and fueling bullish sentiment among investors.
CZ’s net worth explosion comes as a result of his 64% stake in the circulating supply of BNB tokens, roughly 89.1 million units. This staggering figure is further amplified by CZ’s reported portfolio composition, where he holds around 98% of his assets in BNB alone.
The recent “Maxwell” upgrade to the BNB Smart Chain, which went live on June 30th, has also had a significant impact on the token’s price action. The upgrade’s focus on improving network speed and validator coordination has added fuel to the bullish sentiment surrounding BNB.
CZ’s new position on Forbes’ global rich list solidifies his status as one of the most influential figures in the crypto space.
Source: coinpedia.org
