- Dogecoin has been holding above the $0.08 key support level since January 13th.
- A few months ago, Dogecoin Foundation set up a $5M DOGE development fund.
- Mr. Boar advises the DOGE Army to keep the memecoin in self-custodial wallets.
Mischa โCannoliโ Boar, the chair member of the Dogecoin Foundation, took to Twitter to express his concerns regarding the recent Binance USD (BUSD) controversy. The worried crypto whale explained in a long thread that, despite Changpeng Zhao downplaying the role of BUSD in the Binance Ecosystem, it โde factoโ is the official stablecoin of the leading CeFi crypto platform.
And of course, BUSD is used EVERYWHERE on Binance's platforms.
— Mishaboar (@mishaboar) February 13, 2023
It is used for all their trading pairs and derivatives, its use incentivized with fee discounts; it is part of the "Binance Earn" program, with 6% APY.
De facto, #BUSD is the "official" stablecoin on Binance.
10/n
Not Your Keys, Not Your DOGE?
In fact, the concerning message from member of the Dogecoin Foundation Mischa Boar is inspired by the latest events, putting a dark cloud on Paxos-issued Binance USD (BUSD), as Gary โTop Copโ Gensler and the SEC launched a probe into the popular stablecoin.
Sponsored
On January 13th, 2023, the New York State Department of Financial Services legally ordered to seize all production of BUSD, which is likely to gradually decrease the enormous market cap of the stablecoin. However, Binance Boss Changpeng โCZโ Zhao assured that all current Binance USD (BUSD) assets are backed 1:1, and the issuer Paxos agreed on that at least till 2024.
Going into further detail in his Twitter thread, Mischa โCannoliโ Boar repeatedly wrote, โnever invest in stablecoins long-term,โ arguing that as a long-term investment, it might bring additional layers of risk, for instance, issuer company liquidation and changing regulations.
Last but not least, the intense monologue by Mr. Boar ended with the catchphrase โnot your keys – not your DOGEโ and even urged his followers to withdraw the funds held in CeFi.
Not your keys, Not your #Dogecoin https://t.co/rReFo0Ptwi
— MyDoge Wallet (@MyDogeOfficial) February 12, 2023
On the Flipside
- It has been proven that the SEC was heavily persuaded to dig deeper into Binanceโs stablecoin by its main competitor. Circle has been issuing USD Coins (USDC) since 2013. USDC ranks just below, with a $6bn lesser market cap than Binance USD (BUSD).
Why You Should Care
Trust in CeFi has plunged since FTX, once the second-largest crypto exchange in the world, was shredded to pieces due to Sam Bankman Friedโs backdoor shenanigans. Ever since then, all the leading centralized crypto platforms have been under the magnifying glass of investors and analysts.
