Daily Management Review

Dogecoin Surges As A Result Of Elon Musk's Twitter Deal


Dogecoin Surges As A Result Of Elon Musk's Twitter Deal
Dogecoin surged more than 70% on Saturday, extending this week's gains after Elon Musk agreed to buy Twitter for $44 billion last week.
The Tesla Inc CEO, a vocal supporter of cryptocurrencies, has had a significant impact on the prices of dogecoin and bitcoin.
Early this year, Tesla began accepting dogecoin as payment for its merchandise, and Musk's newly launched perfume brand can also be purchased with dogecoin.
Binance, a cryptocurrency exchange that has invested $500 million in Musk's takeover of Twitter, has stated that it is brainstorming strategies on how blockchain and crypto can help Twitter.
Twitter had begun investigating ways to incorporate blockchain technology under co-founder and former CEO Jack Dorsey, a bitcoin supporter.
Musk announced earlier this month that he is purchasing Twitter in order to build a "everything app." The concept of an all-in-one app originated in Asia with companies such as WeChat, which allows users to do more than just send messages by allowing them to make payments, shop online, and hail a taxi.
Musk's tweets about dogecoin, including one in which he referred to it as the "people's crypto," have transformed the once-obscure digital currency into a speculator's dream.
Musk, who has promised to restore free speech on Twitter, is being inundated with requests to reinstate banned account holders and world leaders' accounts.
On Friday, he tweeted that Twitter will form a content moderation council "with widely diverse viewpoints," and that no major content decisions or account reinstatements will take place until the council meets.
In a tweet on Saturday, the billionaire said that in the future, Twitter users will be able to choose which version of the social media platform they prefer by rating their tweets.
"Being able to select which version of Twitter you want is probably better, much as it would be for a movie maturity rating," he said.