Dogecoin surges more than 70% after Musk's Twitter deal

Dogecoin increased by more than 70 per centon Saturday, continuing this week's advances following Elon Musk's $44 billion acquisition of Twitter last week.

The CEO of Tesla Inc., a fervent supporter of cryptocurrencies, has a significant impact on dogecoin and bitcoin values.

Early this year, Tesla began taking dogecoin as payment for its products. Musk's recently launched perfume line now accepts Dogecoin.

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The cryptocurrency exchange Binance, which contributed $500 million to Musk's acquisition of Twitter, claimed to be formulating ideas for how blockchain technology and cryptocurrencies may benefit Twitter.

Under previous CEO Jack Dorsey, who is a supporter of bitcoin, and co-founder Evan Williams, Twitter has started looking at how to apply blockchain technology.

This month, Musk tweeted that he was purchasing Twitter to build an "everything app." Asian companies like WeChat, which enables users to not only send messages but also make payments, shop online, and hail a cab, are where the concept of an all-encompassing software first emerged.

Dogecoin, which started as a social media joke, was formerly unknown until Elon Musk's tweets about it, like the one where he labelled it the "people's crypto," transformed it into a speculator's paradise.

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World leaders and banned account holders are pleading with Musk to reactivate their accounts after he pledged to restore free expression on Twitter.

A content moderation committee "with widely diverse viewpoints" will be formed by Twitter, he said on Friday. Before the council meets, no significant content decisions or account reinstatements will be made, he added.

In a tweet posted on Saturday, the billionaire claimed Twitter users would soon be able to select the version of the social networking site they prefer by ranking their tweets.

(with inputs from agencies)