Binance CEO Warns Against Trading Based on ‘Rich People’ Tweets – Explica .co – Explica

Changpeng Zhao (CZ), CEO of Binance, has warned his followers that trading based on “other rich people’s tweets” is not a way to get rich.

His tweet, posted on June 5, read:

“If you follow the tweets of a crazy rich person swinging randomly to trade, you will end up not being rich.”

Binance

Binance

It was a continuation of another tweet that CZ issued several hours earlier on June 4, in which the CEO stated that he knew:

“Zero rich people who got rich because they did things according to other rich people’s tweets.”

Followers saw this as a hit aimed at Tesla CEO Elon Musk, whose activities on social media have become synonymous with the rises and falls of various cryptocurrencies this year.

More specifically, the growth of Dogecoin (DOGE) and the crash of Bitcoin (BTC).

Elon Musk and TwitterElon Musk and Twitter

Elon Musk and Twitter

Some experts, like FOX Business’s Stuart Varney, they have referred to Musk’s effect on the cryptocurrency market as “manipulation.”

CZ made its views on Musk’s activities clear in another tweet on June 4, stating that:

“Tweets that hurt other people’s finances are not funny and they are irresponsible.”

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Musk aims for another target

History may be repeating itself as Elon Musk’s cryptic tweeting returns, taking DOGE to a series of all-time highs earlier this year.

Only this time, he has a different goal in mind. On June 4, the CEO of Tesla simply tweeted: “Canada, US, Mexico.”

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

In the space of six hours, according to the data, the value of CUMMIES it skyrocketed from $ 0.07 to $ 0.14 on June 4.

The token also topped CoinGecko’s trending list, as the platform itself confirmed on its official Twitter.

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Musk’s advocacy for the NSFW platform continued on June 5, in another tweet that contained only emojis.

At the time, the data indicated that the 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.

Bitcoin teslaBitcoin tesla

Bitcoin tesla

DOGE outperforms the market pioneers

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

BTC has reportedly seen a 6.2% rise in the past seven days, ETH is up 14.9% in the same period, while DOGE grew 24%.

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CoinMarketCap data indicated that the altcoin is currently ranked as the fifth most valuable cryptocurrency in the world by market capitalization.

Its market capitalization figure was just under $ 49 billion at press time.

The post Binance CEO Warns Against Trading Based on “Rich People” Tweets was first seen on BeInCrypto.