After Coinbase CEO changed the X avatar, the Base chain meme coin BRIAN dropped about 86% in 24 hours

According to The Defiant, Coinbase CEO Brian Armstrong has changed his X platform avatar to a newly purchased CryptoPunk, after which the meme coin BRIAN, driven by the change in his avatar, significantly retraced. In the past 24 hours, the market capitalization of this token has dropped by about 86%, falling to approximately $1.5 million; during the same period, its trading volume in about 30 Uniswap liquidity pools was approximately $13.2 million, with total liquidity around $561,000.

The report pointed out that Brian Armstrong had changed his X avatar to the "Coinbase Man" image corresponding to BRIAN on July 16, and posted "New profile photo - who dis," which the market initially interpreted as a signal of interest in the token, driving BRIAN to rise rapidly. The report emphasized that BRIAN is a community-created token, and Brian Armstrong is not the issuer and has not claimed any official association with it.