With the crypto market open 24 hours each day and everyday, things invariably move at a breakneck speed, giving rise to the sector's legendary volatility. Today, Elon Musk and Binance are in the spotlight for providing the impetus for another potential bout of volatility, with Dogecoin (DOGE), Bitcoin (BTC), and the BNB token all caught in the proverbial crosshairs.
Elon Musk's Relentless Obsession With Dogecoin
Our regular readers are well aware of Elon Musk's long-standing fascination with Dogecoin, a quintessential meme coin with hardly an ounce of real-world utility. Back in 2021, the CEO of Tesla employed a variety of tactics to promote Dogecoin, ranging from changing his X profile picture to one that showcased a DOGE-related meme to tweeting/Xeeting DOGE-supporting policies such as Tesla’s acceptance of the meme coin as a valid payment method for merchandise on its official website. Elon Musk even exhorted McDonald’s to start accepting Dogecoin, offering the inducement to consume a Happy Meal on live TV. More recently, Musk demanded a payment of 3 DOGE from a graphic designer who wanted to visit the X HQ.
X is a dog & Doge friendly place!
— Elon Musk (@elonmusk) August 23, 2023
In keeping with his tradition of periodically providing verbal support to Dogecoin, Elon Musk just tweeted that the X social media platform is a "Doge friendly" place.
Of course, with the CEO of Tesla recently providing a definitive denial of reports related to an in-house token for X, Dogecoin fans remain hopeful of additional practical steps from DOGE's biggest benefactor to imbue some form of utility to an otherwise worthless token.
Binance's Alleged Bitcoin Dumps Continue
BREAKING:
Binance is allegedly selling Bitcoin to support the price of their own token BNB
— Whale (@WhaleChart) August 22, 2023
The X account Whale Chart recently rocked the crypto world when it alleged that Binance was dumping Bitcoin to boost the price of it's BNB token.
An entity in crypto running dry of fiat to perpetuate shell games turning to BTC reserves.
Many such cases.
— Dylan LeClair
(@DylanLeClair_) August 22, 2023
This view was then echoed by the Bitcoin maximalist, Dylan LeClair.
CZ is dumping Bitcoin again today trying to hold up the value of BNB. It's not working. BNB is bleeding out. I expect a $200 break, potentially within 48 hours. After Binance shuts withdrawals for all customers, BTC will rally. Could even see a God candle. Will be fun.
— Mike Alfred (@mikealfred) August 22, 2023
This conjecture has now acquired a life of its own, as evidenced by the above tweet.
On a fundamental level, this theory does seem plausible, especially in light of Binance's growing regulatory travails.
For the benefit of those who might not be aware, the world's biggest crypto exchange is facing lawsuits from the CFTC and the SEC, with the former alleging operations without proper authorization and the latter accusing Binance of selling unregistered securities. Consequently, Binance has had to sacrifice some of its most significant banking connections, creating a bottleneck of sorts for its fiat-to-crypto transactions.
Do you think the latest moves by Elon Musk and Binance will unleash additional waves of volatility for Dogecoin, Bitcoin, and BNB token? Let us know your thoughts in the comments section below.
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