Binance CEO CZ made controversial statements in a recent Twitter meeting. Tesla and Twitter CEO talked about Elon Musk’s impact on the altcoin market.
CZ says some altcoins exist thanks to Elon Musk
Binance CEO Changpeng Zhao said in his prominent statements that he was surprised that Dogecoin (DOGE) is still alive. Tesla CEO stated that Elon Musk is playing an active role in the survival of the popular meme coin.
Zhao said, “The only meme coin that really surprised me was Dogecoin. It really had long-term power. I thought you’d disappear a long time ago. But Elon Musk has embraced it and maybe even extended his life.”
And we're live!
Tune-in to our AMA with @cz_binance here ⬇️https://t.co/2mHJwtKDog
— Binance (@binance) May 17, 2023
Elon Musk influence
The CEO of SpaceX, Tesla, Neuralink, The Boring Company and Twitter posted his first tweet about cryptocurrencies in 2019. In a podcast meeting with Ark Invest CEO Cathie Wood, “Bitcoin and Ethereum scams were so prevalent on Twitter that I said I would join. At some point ‘Would you like to buy some Bitcoin?’ I asked. Then my account was suspended”.
Hey, institutional investors! Time to catch up on the real #Tesla story. Thank you @elonmusk for spending time with @TashaARK and me. Truth will win out! https://t.co/XcJAXVe9K7 pic.twitter.com/wCLZC7LGDg
— Cathie Wood (@CathieDWood) February 19, 2019
Musk’s first Dogecoin tweet came in April of the same year. Tesla CEO tweeted on this date, “Dogecoin may be my favorite cryptocurrency.”
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
Musk’s most important tweet was the following famous meme he shared on July 17, 2020, where he clearly expressed that he was bullish on Dogecoin. The DOGE price jumped to $0.003084, the peak of the period, after this sharing.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
Then, triggering new DOGE rallies with a few tweets, Musk’s final move came on April 3, when Twitter changed its logo to Dogecoin. Dogecoin has gained over 130% on this date. It then continued to rise in a similar medium for several more days.
Binance CEO says altcoin still ‘high risk’ despite performance
Continuing his Twitter AMA on May 17, CZ said, “Seems to be popular right now. But despite saying this, I think there is a very high risk.”
Still, Zhao says he is not against memecoins. Binance’s Pepe support confirms what CZ said. “We tend to keep track of what our users are active on,” Zhao says.
$PEPE to @binance 🐸🐸🐸 https://t.co/rxw6S8grGN
— Pepe (@pepecoineth) May 5, 2023
By the way, it should be noted that CZ said he prefers “utility tokens”. cryptocoin.comAs we have mentioned, when it comes to the Binance CEO, when it comes to meme coins, investors should first consider the high risks.
How is Dogecoin doing now?
The leading meme coin has been overshadowed by its rivals in recent weeks. Elon Musk accidentally caused a rally of other meme projects. DOGE is currently trying to hold the $0.07 level as support. It is trading at a 90% discount from the May 2021 ATH level of $0.7376.
