Dogecoin Prompted by Deal, Binance Affirms Equity Investment in Musk's Acquisition

Since Monday, Dogecoin's price has increased by 35% as a result of the news that Elon Musk had successfully closed the deal to purchase the social media behemoth Twitter. Following the Tesla CEO's Wednesday modification of his Twitter bio to “Chief of Twit,” Doge's price increased by 10%.

Musk completed the sale on Friday after a month-long spat with Twitter over it. Elon Musk, the CEO of Tesla, has reportedly signed a $44 billion deal to take over Twitter, a social media and online news company.

Additionally, Musk made the decision to fire key employees like CEO Parag Agrawal and CFO Ned Segal. According to the release, CEO Parag Agarwal and CFO Ned Segal of Twitter have departed the firm's San Francisco offices. According to a tweet from CNBC reporter David Faber, the execs “will not be returning.”

On Thursday, Musk tweeted his enthusiasm over finalizing the purchase of Twitter and revealed the rationale behind the move:

“Did it [bought Twitter] to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”

As Musk is reportedly planning to fire some of Twitter's employees—up to “three-quarters of the personnel,” according to Faber—more changes to the company are expected.

According to Bloomberg, Binance has verified that the cryptocurrency exchange has invested in Musk's Twitter transaction.

According to the source, a representative for Binance stated on Friday that “our initial commitment remains the same” and hinted at the prospect of expanding the alliance.

Binance announced in May that it had invested $500 million to the acquisition as part of its plan to integrate social media and news websites into the web3 space. After a month, the cryptocurrency exchange stated that it would raise $500 million in cryptocurrency to promote the use of blockchain and Web 3.

Musk's deal also stimulates the cryptocurrency market. For some months, Dogecoin has been steadily losing value and has been selling at a low price. However, things changed this week on Monday when the meme coin's value abruptly increased, rebounding 25% for the week and rising 16% on Wednesday. Doge's price has increased by 35% since the start of this week. According to CoinMarketCap, the price has decreased by 2.64% as of the time of publication and is currently trading at $0.0745.

Doge‘s surge is far from a normal revival – it is linked to Elon Musk’s takeover of Twitter, as the deadline for his purchase of the company approaches on Friday. Musk has been the most visible and vocal supporter of the meme cryptocurrency, often influencing its price with his tweets and even endorsed it as a payment option on his Tesla merchandise store.

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