Binance (CRYPTO: BNB) founder Changpeng “CZ” Zhao said on Monday that his social media follower count acts as an indicator of cryptocurrency market cycles.
A New Market Indicator?
CZ said in an X post that accelerating growth in his X followers has acted as a “consistent early indicator” of market cycles across multiple periods.
He quoted an Aug. 12 post about a steady increase in his followers paired with a rising BNB price.
Note that these are CZ’s personal observations, and no conclusive research yet connects the two trends.
CZ’s Crypto Philosophy
CZ, whose fortune is estimated at $114 billion, remains a prominent advocate for Bitcoin. He believes the best way to maximize returns during Bitcoin’s volatile cycles is to sell at peak greed and buy at peak fear.
According to Forbes, he owns an estimated 90% of Binance plus a significant stash of its BNB tokens.
Last year, he revealed that BNB made up over 98% of his cryptocurrency portfolio, with only 1.32% allocated toward Bitcoin.
CZ said last week that he remains confident that “Bitcoin will continue to grow,” alongside BNB and other strong cryptocurrency projects, while stressing the significant volatility involved.
His comments coincided with a highly profitable August marked by a sharp rebound in cryptocurrencies. Bitcoin delivered its third-strongest August performance, posting gains of over 23%.
| Cryptocurrency | 30-Day Gains +/- | Price (Recorded at 4:24 a.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +23.32% | $78,183 |
| BNB |
+17.96% | $688.54 |
Image via Shutterstock/Koshiro K
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