Dogecoin pounces on Elon Musk’s Twitter deal

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Oct 29 (Reuters) – Dogecoin jumped more than 70% on Saturday, extending this week’s gains after Elon Musk struck a $44 billion deal to take over Twitter last week.

Tesla Inc. (TSLA.O) The CEO, a strong supporter of cryptocurrencies, has heavily influenced the prices of dogecoin and bitcoin.

Tesla began accepting dogecoin as payment for its merchandise earlier this year, and new perfume brand Musk can also be purchased with dogecoin.

Cryptocurrency exchange Binance, which invested $500 million in Musk’s takeover of Twitter, said it was considering strategies for how blockchain and crypto could benefit Twitter.

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

Musk tweeted this month that he was buying Twitter to create an “everything app.” The idea of ​​a full app originated in Asia with companies like WeChat, which allows users not only to send messages, but also to make payments, shop online or hail a taxi.

Musk’s tweets about dogecoin, including one where he called it the “people’s crypto,” have turned the once-obscure digital currency, which started out as a social media joke, into a speculator’s dream.

Musk, who has vowed to restore free speech on Twitter, is being inundated with requests and requests to have accounts reinstated from banned account holders and world leaders.

He tweeted on Friday that Twitter would form a content moderation board “with very diverse views,” and said no major content or account reinstatement decisions would occur until after the board meets.

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

“Being able to select which version of Twitter you want is probably better, much like a movie’s maturity rating would be,” he said.

Reporting by Baranjot Kaur and Akanksha Khushi in Bengaluru; edited by Clelia Oziel and Nick Zieminski

Our standards: The Thomson Reuters Trust Principles.

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