Dogecoin

Dogecoin Up 44% In A Week As Elon Musk Buys Twitter, CZ’s Binance To Provide Blockchain Support

Summary:

  • Memecoin leader Dogecoin rallied over 44% this week while Elon Musk finalized his $44 billion Twitter acquisition.
  • DOGE stayed green at press time on speculation that Musk might unveil integrations between the ninth-largest cryptocurrency and the social network.
  • CZ’s crypto exchange Binance revealed plans to support Elon’s battle against Twitter’s drawbacks with blockchain-based solutions, Reuters reported on Friday.
  • Binance is an equity investor in the Twitter deal with around $500 million in investments.

Dogecoin rallied more than 44% over the last seven days in the same week as Elon Musk’s $44 billion Twitter buyout, per data available on TradingView. Notably, Musk has tweeted about his appreciation for the leading memecoin on several occasions.

Musk’s 2021 tweet calling DOGE the “people’s crypto” is one of several posts supposedly showing support for the ninth-largest virtual currency at press time. In September, CoinMarketCap data ranked the token 10th among all cryptocurrencies. Tesla, Elon’s electric car company, also onboarded the crypto token as a payment method for merchandise in its digital stores. 

Dogecoin price pumped on the back of news that Elon’s Twitter deal approached its final stages this week. The meme coin also soared amid a broader crypto rally amid the ongoing bear market at press time. 

Dogecoin Up 44% In A Week As Elon Musk Buys Twitter, CZ's Binance To Provide Blockchain Support 12
DOGE/USDT Chart by Trading View

With Elon Musk’s history with the meme coin, crypto proponents and Twitter users alike speculate that integrations between the digital token and Twitter might soon follow. Twitter developers already announced a new NFT trading feature for users as the first crypto-focused move under Musk’s leadership.

However, neither Elon Musk nor Twitter has disclosed any plans to onboard the meme coin. Twitter currently boasts crypto tips via the Bitcoin and Ethereum blockchains. 

Dogecoin And CZ’s Binance Spotlight Twitter’s New Age

While Dogecoin’s deployment on Twitter remains speculation, crypto exchange Binance said the company will explore on-chain solutions to the social network’s biggest issues. Reuters reported that Changpeng Zhao’s exchange will help Musk battle bots with blockchain technology among other pressing user complaints. 

Twitter bots nearly buried Musk’s acquisition earlier in 2022 as the billionaire contested data regarding Twitter’s active users vs bot accounts. 

Interestingly, Binance is a confirmed equity investor in the Twitter buyout. CZ’s exchange invested $500 million among other companies and funds like Andreessen Horowitz, Fidelity, and Sequoia. 

At press time, it’s not yet clear how much input these investors might have in Twitter’s decision. Elon Musk’s purchase of the social network also means taking the company private. Musk will serve as CEO of the company.