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Elon Musk's recent $44 billion takeover of social media platform Twitter has the crypto community buzzing and saw Dogecoin rallying 77% over the week.


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The popular memecoin has long been promoted by Twitter's new owner, even prompting a $258 billion lawsuit from Dogecoin investors who say Musk has been pedaling a Dogecoin "pyramid scheme."

Still, others believe that Musk's takeover will bring about greater integration of crypto on the platform.

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"With Elon taking over Twitter, what we will likely see is broader adoption of a range of cryptocurrencies within the platform – it’s not just going to be a Bitcoin-dominated platform," Stefan Rust, CEO of Laguna Labs and former CEO of Bitcoin.com, told TheStreet Crypto.

The Twitter news also has crypto observers watching closely, after Binance, the world's largest crypto exchange, put $500 million of its money into the deal as an equity investment.

“We're excited to be able to help Elon realize a new vision for Twitter," Binance CEO Changpeng ‘CZ’ Zhao told Decrypt. "We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.” 

Other investors who have pledged $2.5 billion or more in Twitter include Morgan Stanley, Bank of America, and Barclays, while Sequoia Capital, Qatar Investment Authority, and Fidelity Management & Research are committing equity investment.

Musk has gone on record saying his ownership of Twitter stems from a desire to protect the “future of civilization" and create a “common digital town square” hosting diverse viewpoints, in order to avoid “far right-wing and far left-wing echo chambers.”