(Reuters) – Dogecoin surged more than 70% on Saturday, extending its gains this week after Elon Musk struck a $44 billion deal to take over Twitter last week.

The CEO of Tesla Inc, an active supporter of cryptocurrencies, strongly influenced the prices of Dogecoin and Bitcoin.

Tesla started accepting Dogecoin as payment for its products earlier this year, and Musk’s recently launched perfume brand can also be bought with Dogecoin.

Cryptocurrency exchange Binance, which invested $500 million in Twitter’s buyout of Twitter, said it is brainstorming strategies for how blockchain and crypto could benefit Twitter.

Twitter began exploring ways to implement blockchain technology under the leadership of co-founder and former CEO Jack Dorsey, who was a fan of Bitcoin.

Musk tweeted this month that he was buying Twitter to build “an app for everyone.” The idea of ​​an app for everything originated in Asia from companies like WeChat, which allows users to not only send messages but also make payments, shop online or hail a taxi.

Musk’s tweets about dogecoin, including one in which he called it the “people’s crypto,” have turned the once-obscure digital currency that started as a joke on social media into a speculator’s dream.

Musk, who has promised to restore freedom of speech on Twitter, has been inundated with requests and demands to restore the accounts of banned account holders and world leaders.

He tweeted Friday that Twitter would form a content moderation board “with a wide variety of perspectives,” and said no major decisions on content or account reinstatement would happen until the board convenes.

The billionaire tweeted on Saturday that Twitter users will be able to choose the version of the social media platform they like in the future by rating their tweets.

“Being able to choose which version of Twitter you want is probably better, as it would be for a movie maturity rating,” he said.

(Reporting by Baranjot Kaur and Akanksha Khushi in Bangalore; Editing by Clelia Oziel and Nick Ziminski)

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