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Elon Musk Reacts to Dogecoin Co-founder's, Binance CZ's Tweets on 'Closed Doors'

Thu, 02/23/2023 - 15:22
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Tomiwabold Olajide
Dogecoin co-creator made meme out of quote
Elon Musk Reacts to Dogecoin Co-founder's, Binance CZ's Tweets on 'Closed Doors'
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Tesla CEO Elon Musk commented on a post by Dogecoin co-founder Billy Markus, who goes by the alias "Shibetoshi Nakamoto" on Twitter.

The Dogecoin co-creator made a meme out of the quote, "Sometimes when one door closes in life, another one opens."

According to him, he was not aware that Binance CEO Changpeng "CZ" Zhao had posted a similar tweet: "When one door closes, multiple other ones open."

The coincidence of the tweets makes it even funnier, according to the Dogecoin co-founder.
Elon Musk, who commented, tagged both the Dogecoin co-creator and the CEO of Binance and responded with a laughing emoji.

U.S. crypto crackdown

Earlier in February, the issuer of BUSD, Paxos, was ordered to stop minting new BUSD tokens following an order from the New York Department of Financial Services (NYDFS). Also, the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, deeming the BUSD stablecoin an unregistered security.

Paxos issued a statement, ending its partnership with Binance as regards the BUSD token. Since then, the BUSD stablecoin market cap has dropped from $16.1 billion to $11.78 billion, as Changpeng Zhao expected that it would continue to decrease.

Yesterday, Binance announced it was burning $2 billion worth of idle BUSD on the BNB Chain. The same amount of BUSD on the Ethereum network, which was used as collateral, will then be released.

In the wake of recent events, Binance's CEO made it known that the company had pulled back on some potential investments or bids on bankrupt companies in the U.S. "Seek permission first," he wrote.

Despite the setbacks faced in the U.S., Binance continues to make progress elsewhere. Recently, Binance piloted a stablecoin token pegged to the Ugandan shilling for 366 households with 2,200 individuals in Yumbe.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.