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Elon Musk Disses Binance on Behalf of Dogecoin Cryptocurrency Holders

Photoshopped Image of Elon Musk holding 'doge'. Photo posted on Twitter by Elon Musk.

Photoshopped Image of Elon Musk holding 'doge'. Photo posted on Twitter by Elon Musk.

Elon Musk took a dig at Binance, the world's largest cryptocurrency trading platform for a glitch with cryptocurrency Dogecoin.

Elon Musk wants you to ‘hodl’ onto your Dogecoin cryptocurrency, and wants to take a (figurative) Doge to the moon. Even though Musk has stopped pushing for the Shiba Inu themed cryptocurrency in recent times, a recent exchange of words on Twitter proves the Tesla CEO and SpaceX boss is still batting for the cryptocurrency. Musk on Tuesday started beef with the Binance Chief Executive Changpeng Zhao on Twitter after the cryptocurrency exchange limited withdrawals of cryptocurrency Dogecoin. “Hey @cz_binance, what’s going on with your doge customers? Sounds shady," Musk tweeted on Tuesday.

An upgrade of the Dogecoin network on November 10 appeared to have caused an issue with network withdrawals, Binance said in a statement the next day, reported the Mint. A “very small number of users" were affected, they said, explaining that some previously failed Dogecoin withdrawal transactions got resent after the update, and “we are kindly requesting those users to return the assets." Binance, which is the world’s largest cryptocurrency exchange, responded with “no, not shady - just frustrating."

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In return, Musk said “Doge holders using Binance should be protected from errors that are not their fault," adding that, “I don’t use Binance (tried at one point, but signup was too many hoops to jump through), so no inconvenience to me personally. Just raising this issue on behalf of other Doge holders." Musk was replying to a dig by the Binance CEO, who in return to Musk’s criticism, cited an article which mentioned Tesla models being called back.

Binance, one of the largest cryptocurrency exchanges by trading volumes, has come under scrutiny from regulators, reported Reuters. Elon Musk, Tesla CEO, SpaceX boss and Dogecoin advocate, in an interview in May 2021 mentioned, that this cryptocurrency may be the future. In the interview, he says that “There is a good chance that crypto is the future currency of the world. Then the question is which won is it going to be? It could be multiple," he said.

He then explains the origins of how Dogecoin was invented as a joke, essentially to make fun of cryptocurrency, and that’s the irony, explains Musk. “That the currency that began as a joke, becomes the real currency."

In the video, he does add that, “Don’t invest your life savings into cryptocurrency. That’s unwise."

Dogecoin started as a joke, and for almost seven years it continued being a joke. Until 2021, when meme and cryptocurrency lovers, coupled with the GameStop surge, decided to rally behind the meme-cryptocurrency. The cryptocurrency jumped several times in value, first reaching ten cents, then thirty, and finally on April 20, it was supposed to reach 69 cents - the highest ever. There were coordinated groups in what can only be called a valiant effort to manipulate the price of the cryptocurrency. The peak price of Dogecoin in 2018 was around two cents, right before it crashed along with the rest of cryptocurrency. Reports suggest that by early 2019, Dogecoin had lost nearly 90 per cent of its value and was trading for a fraction of a penny, until now.

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first published:November 24, 2021, 08:08 IST