Reason behind Binance Investing $500 Million into Elon Musk’s Twitter Deal

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The biggest crypto exchange Binance was one of those giving financial aid to Elon Musk’s acquisition of Twitter. As a result, this has seen Binance investing $500 million into this deal. The CEO of Binance opines that this media platform will get rid of numerous issues, which includes spam remarks and fraud account.

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Twitter Ought to Record Profit Will Under the New Leadership
Following much discussion between Binance and Musk, he legally bought Twitter during the past week at $44 billion. Also, notable organizations in the crypto industry such as Fidelity, Sequoia, and Binance, also invested hundreds of millions of dollars into this deal

Reason behind Binance Investing $500 Million into Elon Musk’s Twitter Deal

What Musk Has in Plan for Twitter
Recently Elon Musk revealed his plans to transform Twitter into an “everything application” through which people can do things like booking a taxi, messaging each other, and even doing their shopping online and so on. Minding his support towards the number one meme coin (Dogecoin), this caused people think that the coin will play a key role in Twitter’s coming development.

Furthermore, Dogecoin has been displaying good performance ever since Twitter was bought by Elon Musk. Meanwhile, it has been bought and sold for around $0.07 during the day when the deal was sealed. At the present, this coin now trades around $0.15, which is a 115% increase in price.

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