Dogecoin Surged More than 70% After Elon Musk Takeover to Twitter

(CTN News) – After Elon Musk finalized a $44 billion agreement to acquire Twitter last week, Dogecoin saw a spike of more than 70% on Saturday, extending gains from this week.

The CEO of Tesla Inc (TSLA.O), a fervent supporter of cryptocurrencies, has significantly impacted dogecoin and bitcoin values.

Early this year, Tesla began taking dogecoin as payment for its products. Musk’s recently established perfume line now accepts Dogecoin.

The cryptocurrency exchange Binance, which contributed $500 million to Musk’s acquisition of Twitter, claimed to be formulating ideas for how blockchain technology and cryptocurrencies may benefit Twitter.

Under previous CEO Jack Dorsey, a Bitcoin supporter, and co-founder Evan Williams, Twitter has started looking at how to use blockchain technology.

This month, Musk tweeted that he was purchasing Twitter to build an “everything app.” Asian firms like WeChat, which enables users to not only exchange messages but also make payments, buy online, and hail a cab, are where the concept of an all-encompassing software first emerged.

Dogecoin, which started as a social media joke, was formerly unknown until Elon Musk’s tweets about it, like the one where he labelled it the “people’s crypto,” transformed it into a speculator’s paradise.

World leaders and banned account holders are pleading with Elon Musk to reactivate their accounts after he pledged to restore free expression on Twitter.

He said a content moderation committee “with vastly varied opinions” will be formed by Twitter on Friday. Before the council meets, no significant content judgments or account reinstatements will be made, he added.

In a tweet sent on Saturday, the billionaire claimed Twitter users would soon be able to choose the version of the social networking site they prefer by ranking their tweets.

Like a movie’s mature rating, having the option to choose whatever version of Twitter you want is preferable, he added.

Related CTN News:

Amazon Earnings Preview: Amazon Stock Plummets ahead of Q3 earnings