Dogecoin booms as Elon Musk takes over Twitter


Dogecoin surged more than 70 percent on Saturday after Elon Musk sealed a $44 billion deal to take over Twitter last week, extending this week’s gains.

The CEO of Tesla Inc., a vocal supporter of the cryptocurrency, has significantly influenced the prices of Dogecoin and Bitcoin.

Tesla began accepting Dogecoin as payment for its merchandise earlier this year, and Musk’s newly launched perfume brand can be purchased with Dogecoin as well.

Cryptocurrency exchange Binance, which has invested $500 million in Musk’s buyout of Twitter, said it is brainstorming how blockchain and crypto could be helpful to Twitter.

Twitter began exploring ways to incorporate blockchain technology under co-founder and former CEO Jack Dorsey, who has been a proponent of bitcoin.

Musk tweeted this month that he was buying Twitter to build an “everything app”. The idea for an everything app originated in Asia with companies like WeChat, which lets users not only send messages but also pay, shop online or drive a taxi.

Musk’s tweets on Dogecoin, in which he calls it the “people’s crypto”, have turned the once obscure digital currency, which began as a social media joke, into a speculator’s dream.

Musk, who has promised to restore freedom of speech on Twitter, has been flooded with pleas and demands to restore the accounts of banned account holders and world leaders.

He tweeted on Friday that Twitter would set up a content moderation council “with vastly diverse perspectives” and added that there would be no major content decisions or account restorations prior to the council convening.

The billionaire said in a tweet on Saturday that Twitter users can choose a version of the social media platform they like in the future by providing ratings on their tweets.

“It’s probably better to be able to choose which version of Twitter you want than it would be for movie maturity ratings,” he said.

— Reuters

Dogecoin’s post first appeared on BGR India after Elon Musk took over on Twitter.

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