Binance Invests In Musk’s Acquisitions, Boosting Dogecoin

Binance investment in Elon Musk’s acquisitions serves as a boost in Dogecoin, what made it happen?

Since Monday, trading in dogecoin has increased by 35% as a direct result of the announcement that Elon Musk has successfully closed the agreement to acquire Twitter’s social media behemoth. On Wednesday, the chief executive officer of Tesla updated his Twitter bio to read “Chief of Twit,” which caused the price of doge to skyrocket by ten percent.

On Friday, Elon Musk finally put an end to the protracted dispute he had been having with Twitter over the sale of his company. Elon Musk, CEO of Tesla, is now in command of the social media and online news network Twitter after it was reported by CNBC that he had completed a $44 billion deal to purchase the company.

In addition, Musk made the decision to terminate his employment with the company’s top executives, including CEO Parag Agrawal and CFO Ned Segal. According to the statement, Twitter’s Chief Executive Officer Parag Agarwal and Chief Financial Officer Ned Segal have vacated their respective positions at the company’s headquarters in San Francisco. David Faber, a reporter for CNBC, posted a tweet stating that the execs “will not be returning.”

On Thursday, Musk tweeted his joy at the completion of the agreement to acquire Twitter. He also revealed the motivation behind the acquisition of the social networking platform by writing, “Did it [purchased Twitter] to try to serve humanity, whom I love? I say this with humility since I am aware that even if we put in our best effort, there is still a chance that we will not be successful in achieving this objective.

As a result of Faber’s belief that Musk will fire some of Twitter’s employees—a number that might be as high as “three-quarters of the staff”—Faber anticipates that more changes will most likely take place within the firm.

In the meantime, Bloomberg reported that the cryptocurrency exchange Binance has verified that it has invested in Musk’s arrangement with Twitter.

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Binance’s billionaire co-founder, Changpeng “CZ” Zhao, was quoted in a statement as saying, “We intend to play a role in bringing social media and Web3 together in order to promote the use and adoption of crypto and blockchain technology.” Binance noted in the statement that it was citing Zhao.

A representative for Binance was quoted in the story as saying on Friday that “our initial commitment remains the same.” The report also mentioned the prospect of expanding the collaboration.

Binance announced in May that it will invest $500 million in the buyout as part of its plan to deliver web3 technology to social media and news websites. After a month, the cryptocurrency exchange made the announcement that it will raise $500 million in crypto funds to boost the use of blockchain and Web3.

The cryptocurrency market is also boosted by Musk’s transactions. Dogecoin’s value has been falling consistently over the past few months and trading at low levels on the market. But all of that changed on Monday of this week when there was an unexpected spike in the value of the meme coin. It increased by 25% during the course of the week and by 16% on Wednesday. Since the beginning of this week, the cost of one doge has increased by a staggering 350%. According to CoinMarketCap, the price has dropped by 2.64% as of the time this article was written and is currently trading at $0.0745.

This is not a typical resurgence; rather, it is associated with Elon Musk’s takeover of Twitter, as the Friday deadline for his purchase of the firm draws closer.

Musk has been the most outspoken and conspicuous promoter of the meme cryptocurrency, and his tweets have a tendency to influence its price of it. He has even backed it as a payment option on the Tesla goods store that he owns.

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