The cryptocurrency market is a still intimate – and immature – universe whose evolution continues between major developments and minor dramas between billionaires. A playground in which Elon Musk likes to have fun manipulating those whose strategy is to try to enrich himself with the crumbs of his last four hours. An indigestible slice of Dogecoin (DOGE) that he spreads as soon as possible on Twitter to ensure his power over this ecosystem.
At the same time, his sidekick Changpeng Zhao (CZ) is trying to play a more complex game, between increased regulation of his Binance platform and recurring contradictions. Because with regard to shitcoins – “memecoins” same fight – he had certified in 2018 that His exchange would NEVER let himself be won over by this vacuum economy.
Yet in the midst of a surge of memecoins, the Binance platform announced on May 5 the listing of the PEPE cryptocurrency. Which does not prevent Changpeng Zhao from saying to himself surprised at the lifespan of Dogecoin (DOGE) – also available on its exchange – during a recent interview. And according to him, this improbable longevity would be due to Elon Musk alone. Nooooooooooo!!!
Changpeng Zhao – Memecoins are “very high risk”
This all happened during a recent AMA (Ask Me Anything) that Binance platform founder-boss complied with on Twitter. A communication exercise certainly imposed by the current situation of this exchange whose regulatory pressures have just forced him to throw in the towel in Canada. And of course the subject of memecoins was quickly discussed, given the current trend in the cryptocurrency market.
A sector that “is what it is” according to Changpeng Zhao’s very precise definition. But despite its current popularity, this crypto-digital flash in the pan should be approached with the necessary perspective, because “there is a very high risk. » An impossible reality to ignore in view of the recent spillover of this memecoin economy onto the Bitcoin network which monopolizes more than 47% of its transactions since early May.
However, Changpeng Zhao thought well of declaring thathe is not against memecoins. And after all its Binance platform simply “tends to track the activities of (its) users. A catch-all argument a little too simplistic, that even the dealer on the corner of the street can use to justify his business. But after all it doesn’t matter, because according to CZ It’s all about Elon Musk getting ‘hooked’ on Dogecoin. And it’s not necessarily impossible…
Changpeng Zhao – Elon Musk extended the life of Dogecoin
The question therefore boils down to trying to determine who the billionaire or the memecoin is at the origin of the current situation in the cryptocurrency market. And to go a little further, is it the commercial work carried out by Elon Musk with his Dogecoin or Changpeng Zhao and his trading platform that feeds and facilitates this vacuum economy. A question to which CZ evades as usual by pointing the finger Elon Musk’s attitude towards his favorite shitcoin since 2019 and its statement on Twitter: “Dogecoin might be my favorite cryptocurrency. It’s pretty cool. »
« One memecoin that really surprised me was actually Dogecoin. He had super lasting power. I thought he would have disappeared a long time ago. But Elon Musk hung on may have extended his life. »
But this business does not stop in such a good way. Because it must be taken into account that Changpeng Zhao has every reason to be angry with Elon Musk since a few weeks. In question, the surprise announcement of the partnership of Twitter with eToro – the worst possible option – in order to provide financial services integrated into its new social toy.
A feature that Binance could undoubtedly have responded to. Especially considering that this exchange participated in the $500 million takeover of Twitter in October last year. As a direct consequence, Changpeng Zhao has terminated his followings to the Twitter accounts of Elon Musk and the Tesla company just a few days ago. And given the build of these two protagonists, this playground fight may well have a few impacts other than a simple dispute over the origin and prospects of memecoins. A case to follow…
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