In a surprising turn of events, Changpeng Zhao (CZ), the CEO of Binance, has made a subtle move on Twitter by unfollowing Elon Musk, the CEO of Tesla. While this action may seem insignificant to some, it has ignited a flurry of speculation and fear, uncertainty, and doubt (FUD) within the cryptocurrency community on Twitter. CZ and Musk are highly influential figures in the crypto world, so their interactions on Twitter often grab headlines. Thus, CZ’s decision to sever ties with Musk is bound to pique the interest and curiosity of their followers and the wider crypto community.
Signaling a Shift in CZ’s Stance?
Elon Musk’s tweets have garnered a notorious reputation for causing wild fluctuations in cryptocurrency prices and influencing investor sentiment. This unfollowing, however, could potentially signal a shift in CZ’s stance toward Musk’s impact on the crypto market. While CZ has not commented on his decision to unfollow Musk, the move itself speaks volumes and opens up a realm of possibilities for interpretation.
The crypto community wasted no time in spinning theories about the reasons behind CZ’s move. Julian Hosp, the CEO of Cake DeFi, revealed that CZ had also unfollowed him on social media, prompting Hosp to express his curiosity and seek insights into the possible motives behind this decision. Such an action suggests that CZ’s unfollowing may not be solely directed at Elon Musk but could be part of a broader reevaluation of his social media connections.
One speculative theory revolves around Elon Musk’s recent involvement with eToro US, a crypto exchange platform. Lucra, a Bored Ape Yacht Club (BAYC) member, speculates that CZ may have taken offense when Musk chose eToro US as Twitter’s crypto exchange partner instead of Binance. This assumption is fueled further by CZ’s alleged involvement in funding Musk’s acquisition of Twitter. If true, such a snub could have led to CZ’s decision to unfollow Musk, indicating potential professional disagreements or tensions between the two influential figures.
Elon Musk’s Market-Trigging Behaviors
Elon Musk’s impact on the cryptocurrency market has been undeniable. His tweets have been known to cause significant fluctuations in cryptocurrency prices. While he is famously associated with his tweets about the meme cryptocurrency Dogecoin (DOGE), his recent impact on the market also extends to non-fungible tokens (NFTs).
A prime example of Musk’s influence is evident in the case of Milady, a collection of profile-picture (PFP) NFTs showcasing endearing childlike faces with wide eyes. Within a mere 24-hour span following Musk’s tweets last week, the price of Milady experienced a staggering surge of over 53%. Such instances demonstrate the power Musk wields when it comes to influencing investor behavior and market dynamics.