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Assessing the newly-formed dynamic between Twitter, Binance, and DOGE

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Binance stated its plan to form an internal team that will leverage blockchain technology to assist Twitter develop upgrades for the platform. This team will also look into Twitter’s fake accounts/bot problem. Binance has a vested interest in the development of Twitter, now that it has $500 million invested in the platform.

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As of 29 October, Binance was reportedly forming an internal team that will collaborate with Musk-acquired Twitter. The cryptocurrency exchange has elaborate plans to help the newly acquired social media platform navigate through its blockchain endeavors. 

Blockchain solutions for bird problems

“Binance is creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter and actively brainstorming plans and strategies that could help Elon Musk realize his vision,” a spokesperson told Bloomberg

The new team will reportedly develop on-chain solutions to address Twitter’s chronic bot problem. The bot problem almost led to the scrapping of the much-talked about $44 billion takeover. 

News of this internal team came barely a day after the social media platform announced a cooperation with Rarible, Magic Eden, Dapper Labs and Jump.trade. These NFT marketplaces will assist Twitter in integrating a feature known as NFT Tweet Tiles. This will enable users to buy, sell, and display NFTs directly through tweets.

It’s nothing new under the sun that Twitter has been looking for ways to integrate the blockchain technology on its platform. Plans of integration stood tall long before Elon Musk came along with a buyout offer. Furthermore, co-founder and former CEO Jack Dorsey is also a well-known supporter of Bitcoin. 

It is important to note that Binance is now a part owner of Twitter, with an equity worth $500 million. CEO Changpeng Zhao confirmed on 28 October that his company had wired the amount to help finance Musk’s takeover bid. 

Ripples of Twitter’s takeover reach the cryptos 

Elon Musk has been known to influence the price of Dogecoin from time to time, be it through enabling payments on The Boring Company’s website, or sharing random pictures of the dog. An event as significant as Twitter’s takeover was bound to have some effect on DOGE. Within hours of the announcement, DOGE’s price started climbing dramatically, adding hundreds of millions to its market cap every hour. 

Data from CoinMarketCap showed that the memecoin gained over 25% in the past 24 hours. The token, at press time, was trading at $0.1060, with a market capitalization of $14 billion. Furthermore, DOGE’s daily trading volume surged by 62% and stood at $4.7 billion.

Cardano founder Charles Hoskinson also tweeted his thoughts on the road ahead for Dogecoin. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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