The cryptocurrency space is no stranger to the absurd with pump and dump schemes + rug pulls making its way to even the most reputable social networks. Whether its John McAfee tricking his followers into buying his heavy bags or Elon Musk dropping doge memes, it is still stings to see it happen.
A Justin Sun Tweet
Justin Sun is definitely one of the worst offenders when it comes to moving markets with his tweets. As the founder of Tron, which has the 28th highest market cap as of today, valued at €3,051,368,239, there is a lot riding on his public image and media interaction. Bots and traders alike anticipate his tweets, ready to buy or sell the moment he clicks 'Tweet'. This is why making an announcement of an announcement is so contentious, with so much at stake.
The experienced traders normally react with scorn :
and
The market is moved by these tweets just the same and more often than not the announcement is bogus or way overhyped by the original tweet.
A Changpeng Zhao tweet
which lead to further hype :
At this point many naive investors are expecting a grand announcement. They've followed their coin up to $300 and are now waiting on this super exciting announcement.
This is what they're met with.
Binance hires a former US senator + ambassador.
Now don't get me wrong, this is impressive BUT did it merit the CEO of one of the biggest crypto exchanges in the world tweeting several times hyping it up?
Was CZ misleading here? Let us know in the comments section - Until next time.
