Dogecoin Price Soared By 70 Percent Since Elon Musk's Twitter Acquisition

The value of Dogecoin increased by more than 70% on Saturday, October 29. (photo: doc. Pixabay)

JAKARTA – The value of Dogecoin experienced a surge of more than 70% on Saturday, October 29 which further extended the crypto's rise this week, after Elon Musk officially acquired Twitter last Thursday, October 27.

The Tesla Inc CEO is known to be an outspoken supporter of cryptocurrencies, and has greatly influenced the prices of dogecoin and bitcoin over the years.

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

Cryptocurrency exchange Binance, which has invested $500 million into Musk's Twitter buyout package, said it was a brainstorming strategy on how blockchain and cryptocurrencies could help Twitter going forward.

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

Musk tweeted this month that he bought Twitter to create an "everything app". This super app idea that covers everything the needs of the digital age comes from Asia as did WeChat, which allows users to not only send messages but also make payments, shop online or call a taxi.

Musk's tweets about dogecoin, including what he calls the "people's cryptocurrency", have turned the once obscure digital currency, which started as a social media joke, into a speculator's dream.

Musk, who has pledged to restore free speech on Twitter, has been inundated with pleas and demands to restore the accounts of banned account holders and world leaders.

He tweeted last Friday that Twitter would set up a content moderation board "with a very wide range of viewpoints," and said no major content decisions or account restoration would take place before the board convenes.