It is the current state of affairs that when a multibillionaire like Elon Musk, freshly flush with more than $3 billion in cash, follows an entity on Twitter, speculation frenzy and the rumor mill go into overdrive. The CEO of Tesla has issued a semi-endorsement of the cryptocurrency exchange OKX, prompting a flurry of recent speculation. As an example, Elon Musk has started following OKX on Twitter.
Elon Musk suddenly followed the official Twitter account of OKX, the only cryptocurrency exchange account that he followed. While Binance backed Musk’s $500 million acquisition of Twitter, Musk has not followed Binance or CZ’s Twitter account. pic.twitter.com/OtWTqcbXdB
— Wu Blockchain (@WuBlockchain) December 16, 2022
For a number of reasons, this is quite uncommon. Before anything else, Elon Musk was able to get Binance, a cryptocurrency exchange, to pledge $500 million in stock to his proposed acquisition of Twitter. This support, however, apparently wasn’t enough to convince Musk to start following Binance on Twitter. In fact, at this time OKX is the only cryptocurrency exchange that Musk follows on Twitter.
Second, Elon Musk said yesterday that he has sold 21.995 million Tesla shares over the course of the previous days, earning a total of $3.58 billion. Since the motivation behind Musk’s recent liquidation binge is currently unknown, the ensuing mystery has led some to speculate that the CEO of Tesla and the interim CEO of Twitter are considering an acquisition of OKX.
FLOKI/USDT and FLOKI/USDC Spot trading pairs are live and tradable.
— FLOKI (@RealFlokiInu) December 16, 2022
Finally, Elon Musk‘s support for OKX coincides with the listing of the Floki Inu token, a rival to Dogecoin. Floki Inu bulls have been energized, as might be expected. Floki Inu may be traced back to June 2021, when Elon Musk said on Twitter that he wanted to adopt a Shiba Inu dog named Floki. The creators of Floki Inu saw a golden chance to cash in on the meme coin craze by releasing yet another canine-themed cryptocurrency. Elon Musk’s brother Kimball Musk is the driving force behind the humanitarian movement known as the Million Gardens Movement, which the project claims to be associated with.
The failure of FTX has unlocked an unprecedented desire for transparency among investors, making controlled crypto exchanges (CEXs) less than ideal places to put money at the moment. To address this rising need for openness, Binance and other CEXs have begun to make public their proof-of-reserves statements. Binance had also commissioned Mazars to conduct an “audit” of its reserves, taking things a step further.
However, the auditor’s press release drew attention to the restricted nature of its engagement with Binance, which prevented the auditor from gathering any concrete “evidence” on which to base a judgment. Binance’s attestation of reserves significantly omitted its obligations. As a result of this dispute, Mazars has decided to no longer work with crypto companies.
OKX also made efforts to increase openness by disclosing its on-chain holdings on Nansen, sharing details about the Merkle Trees it uses to prove the existence of its reserves, and introducing a self-audit function. However, it is currently unknown whether Elon Musk is seriously exploring the acquisition of OKX at this time, barring idle speculation that is likely to persist until additional clarity is offered on Musk’s plans.
Meanwhile, investors hoping to capitalize on potential moves by Elon Musk should proceed with caution before buying Floki Inu coins or pumping OKX’s native token. This is especially true given that Musk is still being sued for $258 billion for allegedly running a pyramid scheme in relation to Dogecoin.
Current circumstances dictate that when a multibillionaire like Elon Musk, freshly rich with more than $3 billion in cash, follows a company on Twitter, conjecture and rumors run rampant. There has recently been a flurry of speculation due to Elon Musk, CEO of Tesla, issuing a semi-endorsement of the cryptocurrency exchange OKX. Elon Musk, for instance, has recently begun following OKX on Twitter.
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