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| Musk buys Twitter Dogecoin value goes up |
Cryptocurrency Dogecoin soared more than 70% on Saturday, extending gains over the past few days after Elon Musk completed his $44 billion Twitter acquisition.
The CEO of Tesla is a staunch supporter of cryptocurrencies, known for his strong influence on the price of Dogecoin and Bitcoin. Tesla even started accepting Dogecoin as payment earlier this year, and its new Musk perfume brand can also be purchased with coins.
Cryptocurrency exchange Musk, which invested $500 million to acquire Twitter, said it is carefully studying strategies to leverage Twitter's blockchain and cryptocurrency.
Led by bitcoin supporter and co-founder and former CEO Jack Dorsey, Twitter has begun exploring ways to integrate blockchain technology into the platform.
Earlier this month, Musk tweeted that he had bought Twitter to create an "app for everything." The idea of being able to use everything has its roots in Asia, where companies like WeChat allow users to not only send text messages, but also make payments, shop online, and even call a taxi.
Musk’s tweets about Dogecoin, including describing the coin as “cryptocurrency for ordinary people,” have turned the once-submerged coin into a cryptocurrency speculator’s dream.
After Musk, who also runs electric car maker Tesla and SpaceX, announced the acquisition on Twitter on Friday, he received numerous calls and requests to restore the accounts of banned personalities, especially some well-known influencers and politicians.
On Friday, he tweeted that Twitter was forming a "broad" content committee and said that no major decisions will be made about new content or accounts until the committee meets.