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, it has ignited a flurry of speculation and fear, uncertainty, and doubt (FUD) within the crypto community on Twitter.
CZ and Musk are both highly influential figures in the crypto world, and their interactions on Twitter often grab headlines. As a result, CZ’s decision to sever ties with Musk is bound to pique the interest and curiosity of their followers and the wider crypto community.
Musk’s tweets have 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.
Crypto fans weigh in
The crypto community has 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.
BREAKING NEWS: @cz_binance just UNFOLLOWED @elonmusk on Twitter.
Any ideas why, let us know below 👇🏻
— Breaking Whale (@BreakingWhale) May 14, 2023
Lucra, a member of the Bored Ape Yacht Club (BAYC), speculated that the unfollowing might be linked to Musk’s recent involvement with eToro US, a crypto exchange platform. According to Lucra’s belief, CZ may have taken offense when Musk chose eToro US as Twitter’s crypto exchange partner instead of Binance, especially considering CZ’s alleged involvement in funding Musk’s acquisition of Twitter.
Recall that Twitter recently joined forces with eToro, a social trading company, in an effort to enable users to trade stocks and cryptocurrencies. The trading firm provides Twitter users with real-time prices for various digital assets, directing them to the eToro website to invest.
Elon Musk’s market-triggering BEHAVIORS
Elon Musk’s tweets have been known to cause fluctuations in cryptocurrency prices. While he is famously associated with his tweets about the meme cryptocurrency Dogecoin (DOGE), his recent impact on the market extends to non-fungible tokens (NFTs) as well.
One notable example is 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%.
CZ has not commented on his decision to unfollow Musk. However, it remains to be seen whether the unfollowing will have any lasting impact on the relationship between Binance and Twitter or on the broader cryptocurrency ecosystem.