Leading cryptocurrency exchange Binance has recently launched a ‘Bluebird Index’, which is a cryptocurrency index that tracks the performance of its own nativ token, $BNB, as well as that of Dogecoin ($DOGE) and a little-known cryptocurrency called Mask Network ($MARK).
According to Binance, the new index is calculated using a formula that incorporates the “weighted averages of the constituent tokens’ real-time prices on the Binance Spot market.” The name and constituents of the index drew attention on social media, with several users claiming Biinance is hinting at the coins that will be a part of a future Twitter integration into Web3.
As CryptoGlobe reported, Binance CEO Changpeng Zhao (aka ‘CZ’) has recently explained that the cryptocurrency exchange invested $500 million into Tesla and Space X CEO Elon Musk’s Twitter buyout to “help bring Twitter into Web3 when they’re ready.”
CZ has detailed that Binance’s investment in Twitter was “put together a few months back,” and added that here are many reasons for Binance to back the deal, including that Twitter is “a free speech platform, which is global, which is extremely important.”
He went on to add that Binance wants to support strong entrepreneurs and that the firm wants to “make sure that crypto has a seat at the table when it comes to free speech.” Solving the immediate problems Twitter faces, including charging for memberships, can be “done very easily globally using cryptocurrencies as a means of payments.”
The name bluebird hints at Twitter’s logo, while the index constituents include Binance’s native token, a meme-inspired cryptocurrency Elon Musk has been known for supporting, and a protocol that “allows its users to send encrypted messages over Twitter and Facebook and that “acts as a bridge between the internet and a decentralized network running on top.”
While Binance’s BNB has a market capitalization $51.3 billion, which makes it the fourth-largest digital asset by market capitalization, and $DOGE has a market capitalization of $17.5 billion and is ranked number 8, $MASK has a market cap of little over $100 million, ranking it at #183.
Given its inclusion in the next and a surge in trading volume, traders quickly jumped on it as its price exploded upward and is up over 200% over the last 30 days.
It’s unclear how large Binance’s involvement in the takeover is. During the 2022 Web Summit in Lisbon, Binance’s CEO detailed that the firm is a “minority investor” that wants to be “as supportive as possible” with Twitter. CZ added that in talks with Musk, he mentioned using Dogecoin on the microblogging platform.
Binance was notably not the only trading platform to add new products associated with the little-known cryptocurrency, as rival exchange FTX also listed perpetual futures contracts with $MASK.
It’s worth noting that while FTX CEO Sam Bankman-Fried (SBF) did not invest in Twitter to support Musk’s buyout, the CEO did show support for the move and attempted to invest, with Musk seemingly hesitating to engage with SBF.
Featured Image via Unsplash
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