The cryptocurrency world is buzzing about Elon Musk‘s recent $44 billion acquisition of the social media site Twitter, which led to a 77% weekly increase in Dogecoin prices.
Longtime supporters of the well-known memecoin claim that Twitter’s new owner has been pushing a “pyramid scheme” including Dogecoin, which has led to a $258 billion lawsuit from Dogecoin investors.
Crypto observers are also eagerly following the Twitter news after Binance, the largest cryptocurrency exchange in the world, invested $500 million of its own funds as an equity investment.
They are thrilled to be able to assist Elon in bringing his new vision for Twitter to life “Changpeng “CZ” Zhao, CEO of Binance, said. In order to increase the use and adoption of cryptocurrency and blockchain technology, they hope to contribute to the convergence of social media and Web 3.
Morgan Stanley, Bank of America, and Barclays are some other investors who have committed $2.5 billion or more to Twitter, while Sequoia Capital, Qatar Investment Authority, and Fidelity Management & Research are pledging equity investments.
According to Musk, he bought Twitter because he wanted to safeguard the “future of civilisation” and avoid “far right-wing and far left-wing echo chambers” by establishing a “shared digital town square” with a variety of opinions.
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