Crypto comes to Twitter as Elon Musk (and Binance) takes over

Long months after the first offer, Elon Musk (CEO of Tesla and SpaceX) finally completed the billionaire Twitter purchase. This could imply some drastic changes on the social media platform, and also the inclusion of more cryptocurrencies and blockchain functions. Musk is known to be an ally in the cryptocurrency world and a frequent promoter of Dogecoin (DOGE).

Additionally, according to the Reuters report, Binance also participated in this purchase with at least $500 million. That undoubtedly involves the cryptocurrency world, since Binance is still the biggest crypto exchange worldwide. Speculations about crypto payments arriving on Twitter soon are on the table, but, for now, Musk and the Binance team seem more worried about the bots and spam that massively hit this platform.

Indeed, last May, Musk paused his buyout offer after discussing the real number of accounts on Twitter —without the non-human or fraudulent users (bots, scams, or fake accounts). Parag Agrawal (former Twitter CEO) calculated 5% of fake accounts, while Musk insisted on over 20%. The recent purchase doesn’t mean that the issue is solved, though.

Now, everything indicates that Musk will be working with the Binance team to figure this out using blockchain technology. However, the specific way to do it is yet to be announced. They could make the Twitter anti-bot algorithm open source, and/or add an extra paid service to verify accounts.

In the meantime, Elon Musk fired four top Twitter executives (including Agrawal), and the platform is testing the trading of Non-Fungible Tokens (NFT: er) through tweets. The new function, dubbed NFT Tweet Tiles, can display the artwork in a dedicated panel on a tweet and redirect to several NFT marketplaces.  

Dogecoin also comes with Twitter and Elon

It’s widely known that Dogecoin (DOGE) is Elon’s favorite cryptocurrency. Several times in the past we’ve seen the price of this memecoin go up only after a favorable tweet about it by the billionaire. It seems to be the case now, again, even if Musk hasn’t said anything about it this time. After the announcement (“The bird is freed”) yesterday, DOGE increased by over 17% [CMC].

Dogecoin users are expecting Elon to include this coin as a payment method on Twitter, after all. But, apart from that, Musk also launched recently a new perfume, dubbed “Burnt Hair”. DOGE is available as a payment method for that, at least. In addition, last September, Tesla released a collectible inspired by its CyberTruck, named “Cyberwhistle”. It was only payable with Dogecoin, and now it’s out of stock.

Beyond this memecoin, Shiba Inu (SHIB) also gained 12% in the last 24h, likely because of the same reason. Other winners include ApeCoin (+8%), Avalanche (+8%), EthereumPoW (+6%), Solana (+4%), and Cardano (+4%). Meanwhile, the whole crypto market cap has increased by over 9% in the last week. The general sentiment toward crypto seems to be getting bullish.

Wanna trade BTC, DOGE, and other tokens? You can do it säkert på Alfacash! And don’t forget we’re talking about this and many other things on our social media.

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