Cryptocurrency token value skyrockets after Binance CEO's 'I love Pho' tweet

The value of PHO, a cryptocurrency token by PhoSwap, rose from $0.019 to $0.05 per token over a 24-hour period on Saturday, according to data from CoinMarketCap. Its value even reached a peak at $0.27 per token at around 11:30 p.m. Friday.

The value increase followed a tweet by Changpeng Zhao (CZ), CEO of cryptocurrency exchange Binance, midnight Friday, saying "I love Pho". CZ has been in Vietnam since Friday to attend Vietnam NFT Summit by Vietnam Blockchain Association on Saturday.

I ️ Phở

— CZ Binance (@cz_binance) June 3, 2022

As of Saturday evening, the tweet has garnered over 17,700 likes and more than 2,000 retweets. In another reply to the tweet, CZ said he "started liking Pho in Vancouver some 30 years ago."

CZ said he did not want to mention or comment on any specific cryptocurrency project.

PhoSwap is a cryptocurrency project whose logo depicts a picture of pho, a traditional Vietnamese dish comprising rice noodles with beef or chicken in broth.

In February, the token value of an unreleased Vietnamese NFT game almost doubled following a cryptic tweet by U.S. entrepreneur Elon Musk.

Changpeng Zhao, born in 1977, is a Canadian of Chinese descent. He founded Binance in 2017.