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., a prominent supporter of cryptocurrencies, has had a significant impact on Dogecoin and Bitcoin values.
Early this year, Tesla began taking Dogecoin as payment for its products. Musk’s recently established perfume line also 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, who is a supporter of Bitcoin, and co-founder Evan Williams, Twitter has started looking at how to apply blockchain technology.
This month, Musk tweeted that he was purchasing Twitter to build a “everything app.” Asian firms like WeChat, which enables users to not only exchange messages but also make payments, shop online, and hail a cab, are where the concept of an all-encompassing software first emerged.
As a result of Musk’s tweets on Dogecoin, particularly the one in which he referred to it as the “people’s crypto,” the once-obscure digital currency, which started as a joke on social media, has become a speculator’s paradise.
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