- Former Binance CEO CZ recently cast doubt as to whether the current state of the market is already in its bull cycle, as he drew a correlation between the engagement of the crypto community on his social media account and market trends.
BNB hit another all-time high (ATH) on Sunday. The native coin of the BNB Chain ecosystem struck $1,080.14 as it rode on its momentum last week following the US Federal Reserve’s 25-basis point interest rate cut, major partnership with Franklin Templeton, adoption in digital asset treasury (DAT) companies, and ecosystem upgrades.
Despite the token’s new milestone, former Binance CEO Changpeng “CZ” Zhao recently asked the crypto community if it’s already in a “real” bull market.
CZ Casts Doubt About the Perceived Bull Market
CZ’s latest comment came after he questioned whether the X platform’s algorithm had something to do with his stagnating following. According to him, his followers on social media grew quickly from 9 million to 10 million in a bear market. However, it appeared to have come to a halt even in this present state in the market.
The former Binance CEO claimed his followers grew fast in previous bull markets, but the correlation has diminished. Hence, he asked if the social media platform’s algorithm or people are starting to view him as a KOL (Key Opinion Leader).
KOLs are like the influencers of the crypto sector, but with a deeper understanding of their niche. Most of them usually come under fire from the public due to their inherent biases that make them sound more like marketers or promoters rather than reliable sources of information in the digital assets space.
Given these facts, CZ threw a curveball that cast doubt on whether we are indeed in the “real” crypto bull market. Many people took his post with optimism that the market has yet to reach its peak this cycle. Additionally, others pointed out how most altcoins are still exhibiting bearish price actions. Meanwhile, some blamed exchanges like Binance for allegedly manipulating the market to drag the prices of digital assets down.
CZ Flooded with BNB and Aster Feeds
It only makes sense for BNB updates to dominate CZ’s feeds because of the inherent fact that he has a huge stake in the token, and he used to be a key figure in Binance. Interestingly, he revealed that his “entire” social media stream is also populated with topics relating to ASTER.
Zhao didn’t elaborate on the subject of ASTER as he shifted the discussion to the Giggle Academy educational platform. However, the possible reason for this could be due to the token achieving its ATH in tandem with BNB on Sunday.
ASTER is the core asset of the decentralized crypto exchange, which bears the same name. It specializes in perpetual and spot trading of digital assets. The platform features a 24/7, Maximal Extractable Value (MEV)-free environment.
MEV is a term for the profit validators can extract by including, excluding, or reordering transactions within a block. It can be a “hidden tax” on users, manifesting in various forms like “front-running,” where a bot sees a pending transaction and executes its own profitable transaction before the user’s, or “sandwich attacks,” which involve buying an asset before a user’s large purchase to drive up the price, then selling it immediately after for a profit.
By advertising an MEV-free platform, Aster aims to provide its users with a fairer and transparent trading experience.
