Changpeng Zhao (CZ), CEO of Binance, the world’s largest cryptocurrency exchange, triggered interesting price movements in an altcoin project with his tweet. It is nothing new for altcoin prices to act on the posts of famous people in the crypto world.
Binance CEO confused, unrelated altcoin price flew!
Changpeng Zhao shared a partnership development on Twitter today. In this context, CZ tweeted:
ANC is the largest pharmacy chain with over 1000 stores. Adoption Ukrainian pharmacies enable crypto payments via Binance Pay.
So far everything looks normal. However, thinking that ANC is Anchor Protocol, things changed with what was uploaded to this altcoin. One of the Binance CEO’s followers, noticing the situation, replied to CZ:
Why are people pumping the ANC token! This reminded me of Elon Musk’s tweet that once said “Signal,” referring to the messaging app. But instead, this Singal stock skyrocketed.
Actually, Changpeng Zhao’s message is not very complex. CZ talks about a Ukrainian pharmacy chain with more than 1,000 stores. This pharmacy chain states that ANC accepts cryptocurrency payments through Binance Pay. However, some traders in the market misunderstand that CZ refers to the altcoin project named Anchor Protocol (ANC) by ANC. As a result, there is a sudden vertical increase in the price of Anchor Protocol (ANC). We define this as FOMO (fear of missing out) in the market. With this urge, people can switch from researching news and announcements to buying. Apparently, that’s what happened with the Anchor Protocol (ANC).
ANC price was trading at $0.03068, but jumped to $0.03563 due to this confusion. After that, the price of altcoin started to decline with the realization of the event. However, it still continues to trade at $0.03313, up 7.92% on a daily basis at press time.
Anchor Protocol (ANC) linked to the Terra ecosystem!
There are other strange aspects of it as well. Because the jump-starting Anchor Protocol (ANC) is an altcoin project linked to the collapsing Terra ecosystem. cryptocoin.comBefore Terra’s collapse, the protocol in question was known for yielding high APY values over the algorithmic stablecoin UST.
Anchor Protocol is a lending and borrowing protocol that offers up to 19.5% returns on stablecoin deposits. Lenders can invest their USTs and earn attractive rates on their investments while simultaneously benefiting from low volatility. Borrowers can convert their LUNA collateral into productive assets without giving up control. Anchor Protocol was founded in March 2021 by Terraform Labs, a South Korean fintech company founded by Daniel Shin and Do Kwon. Here, Do Kwon looks pretty familiar to you too, right?