Binance CEO Warns Against Following Tweets to Trade

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In Brief
  • CZ says that people will not get rich by trading off the back of rich people's tweets.

  • The CEO has criticized Elon Musk's Twitter activities this week, referring to them as "irresponsible."

  • Elon Musk has advocated CumRocket on Twitter, causing its price to double on June 5.

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Changpeng Zhao (CZ), CEO of Binance, has opined to followers that trading based off “other rich people’s tweets” is no way to get rich.

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His tweet, issued on June 5, read “If you follow a rich crazy randomly swinging person’s tweets to trade, you will end up not rich.”

It was an elaboration on another tweet CZ issued several hours earlier on June 4, in which the CEO stated he knew “zero rich people that became rich because they did things according to other rich people’s tweets.”

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Followers saw this as a veiled swipe at Tesla CEO Elon Musk, whose social media activities have become synonymous with the rises and falls of several cryptocurrencies this year. More specifically, the growth of Dogecoin (DOGE) and the decline of bitcoin (BTC). Some experts, such as FOX Business’ Stuart Varney, have referred to Musk’s effect on the crypto market as “manipulation.”

CZ made his opinion on Musk’s activities clear in an another June 4 tweet, stating “Tweets that hurt other people’s finances are not funny, and irresponsible.”

Musk eyes another target

History may be repeating itself as Elon Musk’s cryptic manner of tweeting returns. The kind that brought DOGE to a series of all-time highs earlier this year. Only this time, there’s a different target in mind. 

On June 4, the Tesla CEO simply tweeted, “Canada USA Mexico.”

While that may seem innocuous, the update has been linked directly to the sudden spike in value of CUMMIES, the native token of the adult creator NFT platform CumRocket. 

In the space of six hours, according to data, CUMMIES’ value shot from $0.07 to $0.14 on June 4. The token also topped CoinGecko’s trending list, as the platform themselves confirmed on their official Twitter.

Musk’s advocation for the NSFW platform continued on June 5, in another tweet that consisted only of emojis. By this time, data indicated that CUMMIES’ price had hovered around the $0.03 and $0.04 mark. Until 11:24 AM CET, after which the price doubled from $0.07 to $0.14 in less than ten minutes.

DOGE outperforms market frontrunners

The meme-inspired altcoin DOGE made its debut on the Coinbase exchange this week. And it seems to have paid dividends as it outdid both BTC and Ether (ETH) in terms of growth. 

According to reports, BTC has recorded a 6.2% increase in the last seven days, while ETH is up 14.9% in the same period. Meanwhile, DOGE advanced 24%. Data from CoinMarketCap indicated the altcoin is currently ranked the 5th most valuable cryptocurrency in the world by market capitalization. Its market cap figure was just under $49 billion at time of press.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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