Dogecoin surged after Elon Musk bought Twitter

Elon Musk has a great influence on the price of Dogecoin. Photo: Reuters

Musk is an ardent proponent of cryptocurrencies and has been a major influence on the price of Dogecoin, Bitcoin. Earlier this year, Musk’s electric car company Tesla started accepting payments in Dogecoin. Recently, the newly launched Musk perfume brand can also be purchased with Dogecoin.

The world’s largest cryptocurrency exchange Binance has invested $500 million in Musk’s purchase of Twitter. The company said it is working on a strategy to help handle fake Twitter accounts with blockchain and cryptocurrency.

Previously, under founder and former CEO Jack Dorsey, Twitter also explored ways to integrate blockchain into the platform. This month, Musk tweeted that buying Twitter would promote “everything app,” an app for everything, similar to China’s WeChat. WeChat not only allows users to send messages but also make payments, buy goods online or call a car.

Musk’s tweets about Dogecoin have turned a nearly failed coin into a dream for many. According to CoinGecko, on October 28, when the news that Musk took over Twitter was released, Dogecoin increased by more than 9% and was the 9th largest digital currency with a market capitalization of 11.5 billion USD, the daily trading volume reached $3.7 billion. That means Dogecoin is changing hands more than Solana or Bitcoin Cash.

Some speculate that Musk will “decentralize” Twitter and then, Dogecoin can be used to pay for the social network’s services, such as the Blue subscription package.

Du Lam (According to Reuters, Decrypt)

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