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- Analysts think Binance’s CZ was displeased with the recent partnership between Twitter and eToro.
- No official fallout between CZ and Twitter or Musk has been announced.
The acquisition of social media giant Twitter by tech billionaire Elon Musk for a whopping $44 billion involved other investors including Binance CEO Changepeng Zhao alias CZ. According to the acquisition details, CZ and the crypto exchange invested about $500 million to help Twitter move to the Web3 industry. However, the relationship between Musk and CZ could have turned for the worst after several interesting developments.
Binance and Twitter’s Sour Relationship
For one, Twitter recently announced a partnership with eToro to enable social media users to access real-time prices of cryptocurrencies, stocks, and other assets, and to enable the trading of those instruments. In this regard, Binance crypto exchange was hoping to get a partnership with Twitter and expand its market base.
However, Binance has had a hostile experience in the United States amid increased crypto regulatory scrutiny. Recently, the Binance United States entity was denied the chance to acquire assets for the distressed crypto lender Voyager Digital for a bot. $1 billion. In simple terms, Binance was denied the chance to acquire about 3.5 million Voyager Digital customers.
As a result, Twitter could be avoiding legal litigations by associating with Binance at the moment.
From another perspective, Twitter user @Pauly0x suggested that Binance is not pleased with the fact that Musk is about to launch a crypto wallet.
It’s a fact that @cz_binance is furious about @elonmusk’s plans to launch a Twitter crypto wallet.
That’s why CZ recently unfollowed him.$pepe will be a native currency at launch.
It just makes sense.
The most entertaining outcome is the most likely.
— PAULY (@Pauly0x) May 14, 2023
Musk Adopts Pepe Memes
In a recent Musk meme tweet, the tech billionaire used Pepe memes to convey a message explaining constitutional amendments. The tweet attracted a lot of attention from crypto meme traders over the weekend, resulting in a Pepe price increase. However, the tweet was not enough to reassure the Pepe bulls to regain ground.
Explaining Constitutional Amendments pic.twitter.com/oYkMPBe9Zi
— Elon Musk (@elonmusk) May 13, 2023
According to the latest crypto market data, Pepe coin traded around $0.00000169 on Tuesday, down 16 percent in the past seven days. Although the meme coin has been one of the best-performing digital assets YTD, Pepe is down about 60 percent from its ATH, $0.00000431.
Musk’s tweet on Pepe has significantly helped the meme coin maintain its trading volume higher than most altcoins.
According to our latest crypto price oracles, Pepe coin has a total market capitalization of approximately $710,869,581 and a daily trading volume of about $296,157,532.
Bigger Picture
The relationship between Twitter and Binance is an eye-opener to most Web3 protocols in regard to the high competition posed by Web2 tech companies venturing into blockchain technology. Nevertheless, it is a clear indication that the crypto and blockchain market has a huge potential that is yet fully capitalized by global markets.
More investors have been using the crypto market to hedge against inflation and make higher profits. Furthermore, the liquidity in the cryptocurrency market is expected to significantly improve once more global central banks launch their CBDCs.
