Evaluating the newly formed dynamic between Twitter, Binance, and DOGE

On October 29, it was reported that Binance formed an in-house team that will work with Twitter, which was acquired by Musk. The cryptocurrency exchange has detailed plans to help the newly acquired social media platform navigate its blockchain endeavors.

Blockchain Solutions to Bird Problems

A Binance spokesperson said, “Binance is building an in-house team to focus on the ways in which blockchain and crypto can be beneficial to Twitter, and is actively working on plans and strategies that can help Elon Musk realize his vision.” Bloomberg.

The new team is said to be developing on-chain solutions to address the persistent Twitter bot issue. The bot issue almost led to the acquisition being called off, rumored to have amounted to $44 billion.

The news of this in-house team came a day after the social media platform appeared most dangerous Collaborated with Rarible, Magic Eden, Dapper Labs and Jump.trade. These NFT Markets will help Twitter integrate a feature called NFT Tweet Tiles. This will enable users to buy, sell and view NFTs directly through tweets.

It is not new that Twitter has been looking for ways to integrate blockchain technology into its platform. Integration plans were high long before Elon Musk made a takeover bid. In addition, 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 Twitter partner, with a stock value of $500 million. CEO Changping Zhao confirmed On October 28 That his company funneled the money to help fund Musk’s takeover bid.

Twitter takeover ripples reach crypto

Elon Musk has been known to influence the price of Dogecoin from time to time, whether it’s by enabling payments on The Boring Company’s website or sharing random photos of the dog. An important event such as the Twitter acquisition will have some impact on DOGE. Within hours of the announcement, DOGE’s price began to skyrocket, adding hundreds of millions to market capitalization every hour.

info from CoinMarketCap Show that memcoin has increased by more than 25% in the past 24 hours. The token is trading at $0.1060 at the time of writing, with a market capitalization of $14 billion. In addition, DOGE’s daily trading volume increased 62% to $4.7 billion.

Cardano founder Charles Hoskinson also chirp His thoughts on the way forward for Dogecoin.

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