Key points:
- Elon Musk Boosts Dogecoin Again with Tweet
- Binance, Twitter and Web 3.0
- U.K. PM, Rishi Sunak a Crypto Fan
Dogecoin surges again with Musk Tweet, Binance CEO and founder looking to help elevate Twitter to web 3.0, whilst crypto fans hold hopes for a boost from the UK’s new prime minister, Rishi Sunak.
Elon Musk Boosts Dogecoin Again with Tweet
Dogecoin (DOGE) has been surging over the past week since the expectation, then confirmation that DOGE fan and world’s richest person, Elon Musk, would complete his acquisition of the social media platform, Twitter. We highlighted in a recent report, Dogecoin Surges on Musk’s Twitter Purchase, this positive price action and bullish technical/ chart signals from the aggressive, acceleration higher in price.
After a pause on Monday, the aggressive upside price action continued on Tuesday and extended to a new recovery high as at 00:17 EDT, the SpaceX and Tesla CEO posted a Halloween tweet of a Shiba Inu dog, the mascot of the meme coin, wearing a Twitter T-short, sitting by a pumpkin carved with the Twitter logo.
Also Read: How to Buy and Store Dogecoin in the UK
Dogecoin has raced back above the $0.15 level and is now aiming at chart resistance targets at $1708/1793. The overshoot risk into November and year-end is still higher, closer to $.2125/2189.
Binance, Twitter and Web 3.0
Staying with Musk and Twitter, the CEO and founder of Binance, the world’s largest crypto exchange, has stated he is looking to assist Elon Musk in bringing the Twitter platform to Web 3.0. Changpeng Zhao, is universally known as “CZ,” and in a 31st October interview with CNBC’s Squawk Box, he stated, “We want to make sure that crypto has a seat at the table when it comes to free speech. There are also more tactical things, like we want to help bring Twitter into Web3,” adding “We want to help solve immediate problems like charging for membership etc, this can be done very easily and globally using cryptocurrencies as a means of payment.”
Binance have invested $500 million into the purchase of Twitter by Musk.
U.K. PM, Rishi Sunak a Crypto Fan
Although new UK Prime Minister, Rishi Sunak has a long list in front of him regarding the U.K. public finances, the fragile state of the U.K. and global economy, plus the fragility and fractioning in his own party, the crypto world is hopeful that he remains a fan of the world of decentralised finance.
Sunak has on several occasions indicated a confident view on cryptocurrencies and when he was Chancellor of the Exchequer back in April, he defined a plan to make the U.K. a global crypto hub. That included asking the official U.K. coin maker, the Royal Mint, to launch a nonfungible token (NFT) and to bring stablecoins within regulatory parameters.
