Coinbase CEO Brian Armstrong has denied any involvement with the $BRIAN memecoin after the token's value collapsed 86% in a single day. The crash followed a series of changes to Armstrong's profile picture on social media, which some traders interpreted as an endorsement.
The $13.2 Million Crash
The $BRIAN token saw $13.2 million in trading volume during the sell-off. The token's price dropped sharply after Armstrong altered his profile picture, leading to speculation that he was signaling support for the project. Armstrong later clarified that he had no connection to the memecoin and that the profile changes were unrelated.
Armstrong's Denial
In a statement, Armstrong said he was not involved with the $BRIAN token and had no prior knowledge of it. He did not provide further details about the profile picture changes that triggered the sell-off. The denial came after the token had already lost most of its value.
Market Reaction
The $BRIAN token's price dropped sharply following Armstrong's statement. Trading volume reached $13.2 million during the crash, according to data from decentralized exchanges. The token's value has not recovered.
Coinbase has not issued a formal statement beyond Armstrong's denial. The incident highlights the volatility of memecoins and their sensitivity to social media signals from prominent figures.
