Dogecoin (DOGE) is surging as Tesla CEO Elon Musk visits Twitter’s headquarters before the deadline of his deal to purchase the social media giant.
The billionaire tells his Twitter followers that he’s visiting Twitter’s San Francisco office just days before closing out a massive $44 billion deal to acquire the social media platform.
Musk’s announcement sent Dogecoin soaring, sending the meme asset from $0.063 to a seven-day high of $0.072, a 14.8% increase during the last 24 hours.
Musk, who originally announced his plans to procure Twitter in April, said in July that crypto assets would have a larger role with him at the company’s helm. At the time, he argued that currency has essentially been digitized and Twitter should allow digital payments.
“I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth. And if you have currency as well as crypto.
Essentially, whenever somebody would find it useful. My goal would be to maximize the usefulness of the service – the more useful it is, the better. And if one can use it to make convenient payments, that’s an increase in usefulness. News, entertainment, and payments, I think, are like three critical areas.”
Musk’s plans to acquire Twitter led Binance, the world’s largest crypto exchange platform by volume, to invest $500 million into the platform in May, saying that Musk’s ownership would bring about the fusion of social media and Web3.
Though Musk didn’t specifically mention incorporating DOGE into Twitter, he has heavily praised the meme token in the past, hailing it as the “people’s crypto.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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