Elon Musk's Transition of Twitter to 'X' Sparks DOGE Rally

Elon’s transition of Twitter into ‘X’ sparks DOGE rally

Elon Musk's latest move to transform Twitter into 'X', an "everything app", might provide a substantial boost to dogecoin (DOGE) and other cryptocurrencies. Musk's ambition to create a multifaceted application combining social media, shopping, and money transfers may inevitably lead to the inclusion of crypto, given his history with digital assets.

The tech tycoon, who holds bitcoin via Tesla and has often spoken favorably about DOGE, could pave the way for crypto transactions on the new platform. In fact, Musk's fondness for DOGE has previously driven its value up, with a recent surge seen following the announcement of Twitter's rebranding.

Industry insiders believe that while the integration of other crypto assets like bitcoin, ethereum, and stablecoins such as USDC may happen, it's almost inevitable that DOGE would be included should Musk initiate a crypto payment system. Although widespread adoption of crypto is not a certainty, the potential is enormous, given X's extensive user base.

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Binance to officially re enter Japan

During a conference in Tokyo on Tuesday, Binance CEO Changpeng Zhao revealed that the leading cryptocurrency exchange will be providing comprehensive services for Japanese users starting in August. This development comes after Binance acquired Sakura Exchange BitCoin (SEBC) in an undisclosed agreement in November.

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First NFT on XRP will be Ducati’s

Ducati recently revealed their plans to introduce a unique digital collectible on the XRP Ledger. This collectible will feature a captivating video showcasing Ducati logos on motorcycle tanks that have been produced over the years since 1946.

The CEO of Ducati, Claudio Domenicali, emphasized the importance of web3 advancements in offering fans a more engaging brand experience. By venturing into web3, Ducati aims to enhance their connection with the Ducatisti community and expand the range of services available to them.

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Coinbase pushes Australia to regulate crypto

According to Faryar Shirzad, the chief policy officer of Coinbase, Australia should expedite the implementation of more specific regulations for cryptocurrency. He emphasized that if Australia wants to remain competitive on a global scale, it needs to establish a regulatory framework or legislation for the crypto industry promptly. Shirzad pointed out that other jurisdictions that are in competition with Australia have already set clear deadlines for implementing cryptocurrency regulations.

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Bitget surpasses 20 million users

Bitget, a cryptocurrency derivatives exchange based in Seychelles, has experienced significant growth in important indicators during the first half of 2023. This growth can be attributed to the successful integration of a self-custodial wallet service that the company recently acquired.

As part of its rebranding efforts after acquiring BitKeep, Bitget has renamed the acquired service as Bitget Wallet. The platform has demonstrated impressive market performance in 2023, positioning itself as the fourth-largest cryptocurrency exchange based on trading volume.

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Other breaking news

• Arbitrum-based yield protocol Factor launched V2
• Solana-based lending protocol Parrot is voting on a proposal to enable PRT redemption
• Axie Infinity creator to develop new game
• Japan looking to improve the Web3 environment 
• EraLend struck by a $3.4 million exploit

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Wrapping up

Amidst dynamic developments in the crypto realm, Musk's transformation of Twitter into 'X' raises the potential for increased crypto integration, Binance restarts operations in Japan, Ducati enters the NFT world via XRP, Coinbase urges Australian crypto regulation, and Bitget celebrates remarkable user growth. This week's news emphasizes the ever-evolving, vibrant crypto ecosystem and the potential it holds for the future.