HomeTech newsDogecoin surges after Elon Musk's takeover on Twitter, this is the reason

Dogecoin surges after Elon Musk’s takeover on Twitter, this is the reason

Elon Musk Dogecoin: Elon Musk completed a $44 billion deal to take over Twitter last week. After this, an increase of more than 70 percent was recorded in the prices of dog coins over the weekend. The CEO of Tesla Inc, a supporter of cryptocurrencies, has significantly influenced the prices of Dogecoin and Bitcoin.

Tesla started accepting Doge Coins to pay for its merchandise earlier this year, and Musk’s newly launched perfume brand can be purchased with Doge Coins as well. Cryptocurrency exchange Binance, which has invested $500 million in Musk’s buyout of Twitter, said it is brainstorming on how blockchain and crypto can be helpful to Twitter.

Musk, Twitter to make Everything app

According to Jack Dorsey, co-founder and former CEO of Twitter, he had begun exploring ways to incorporate blockchain technology. Musk tweeted this month that he was buying Twitter to build an “everything app”. The idea for an everything app originated in Asia with companies like WeChat, which allows users to not only send messages but also pay, shop online or drive a taxi.

Earlier, Musk tweeted that Twitter would set up a content moderation council. He said in a tweet that Twitter users can choose a version of the social media platform that they prefer in future by rating their tweets.

what is dog coin

Doge Coin was introduced in the year 2013. It was the first coin to be designed as a decentralized payment system.

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