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Dogecoin surges on Elon Musk's Twitter deal

Stock Markets Oct 29, 2022 03:01PM ET
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© Reuters. FILE PHOTO: A view of the Twitter logo at its corporate headquarters in San Francisco, California, U.S. October 27, 2022. REUTERS/Carlos Barria
 
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(Reuters) -Dogecoin surged more than 70% on Saturday, extending this week's gains after Elon Musk sealed a $44-billion deal to take over Twitter last week. 

The Tesla (NASDAQ:TSLA) Inc CEO, a vocal proponent of cryptocurrencies, has heavily influenced prices of dogecoin and bitcoin.

Tesla started accepting dogecoin as payment for its merchandise early this year, and Musk's newly launched perfume brand can also be bought with dogecoin.

Cryptocurrency exchange Binance which has invested $500 million into Musk's buyout of Twitter, said it is brainstorming strategies on how blockchain and crypto could be helpful to Twitter.

Twitter had begun exploring ways to incorporate blockchain technology under co-founder and former CEO Jack Dorsey, who has been a proponent of bitcoin.

Musk tweeted this month that he is buying Twitter to create an "everything app". The idea of an everything app originated in Asia with companies like WeChat, which lets users not only send messages but also make payments, shop online or hail a taxi.

Musk's tweets on dogecoin, including the one where he called it the "people's crypto," have turned the once-obscure digital currency, which began as a social media joke, into a speculator's dream.

Musk who has promised to restore free speech on Twitter is being deluged with pleas and demands to reinstate accounts of banned account holders and world leaders.

He tweeted on Friday that Twitter will form a content moderation council "with widely diverse viewpoints," and said no major content decisions or account reinstatements will happen before the council convenes.

The billionaire in a tweet on Saturday said that Twitter users could in future choose a version of the social media platform they like by providing ratings on 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.

Dogecoin surges on Elon Musk's Twitter deal
 

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Comments (8)
Oswald Chong
Oswald Chong Oct 30, 2022 7:17PM ET
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push up to sell so Elon could buy Twitter.
Ewaen Sunny
Ewaen Sunny Oct 30, 2022 6:30PM ET
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I support Musk's idea of free speech and unbordered ideology expression; this is nice. This might change the ways they have regulated Social Media platforms.
gab nea
gab nea Oct 29, 2022 3:28PM ET
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here comes the pump before the dump!
Dave Jones
Dave Jones Oct 29, 2022 3:27PM ET
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surely this was priced in
Benoit Avril
Benoit Avril Oct 29, 2022 12:54PM ET
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That's a goid idea
Benoit Avril
Benoit Avril Oct 29, 2022 12:54PM ET
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*good
Scott Faries
Scott Faries Oct 29, 2022 11:10AM ET
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Bringing back freedom of speech!!! Thanks EM
Craig Garrett
Craig Garrett Oct 29, 2022 10:13AM ET
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Elon is supposed to be working on self-driving cars and getting humans to Mars. Instead, he's micromanaging Twitter code???
Nick Le
Nick Le Oct 29, 2022 10:13AM ET
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You must be the shorties that’s always losing their pants trying to be against Elon? Have at it again buddy. You’ll lose again. Lol
Scott Faries
Scott Faries Oct 29, 2022 10:13AM ET
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He's fighting for free speech!
JS am
JS am Oct 29, 2022 10:13AM ET
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Shut up leftist scum. The tables have turned and youre just upset to be on the receiving end now. The left set the standard, the right is just following their lead. You made your bed, now you sleep in it.
Philip Sorrells
Philip Sorrells Oct 29, 2022 9:08AM ET
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Pfft.
Andrew Allen
Andrew Allen Oct 29, 2022 9:08AM ET
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such a great comment. very insightful!
 
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