Dogecoin Price Surges after Elon Musk Rebrands Twitter to X

2023-7-25 12:36

Coinspeaker
Dogecoin Price Surges after Elon Musk Rebrands Twitter to X

The price of meme token Dogecoin (DOGE) soared to its highest in recent times following a surprise announcement by Twitter owner Elon Musk. Musk triggered the surge when he announced plans to change the Twitter name to X. DOGE surged by 10% in the past 24 hours, according to CoinGecko data.

Dogecoin’s Rise in Popularity

Dogecoin was created in 2013 as an internet meme token. Dogecoin’s popularity has grown over the years, thanks to its loyal fan base and celebrity endorsements, including from Elon Musk.

Musk has always been a vocal supporter of Dogecoin, calling it the future of currency. In April, Musk replaced the Twitter logo with the Dogecoin logo briefly and sparked a 30% spike in the price of the asset. He also teased the possibility of DOGE payments for Twitter’s premium service subscription.

Because it has no real utility, experts warn that dogecoin is highly volatile and risky and that investors should be cautious before buying it. Should X allow DOGE as a means of payment, everything about the token could change.

Dogecoin Price Speculations Fanned by Musk

Given Musk’s history with the meme token, it didn’t take long for the Twitter rebrand announcement to fuel speculations about DOGE. Since the token is already accepted as a form of payment at Tesla, analysts believe X could also do the same.

Real Vision CEO Raoul Pal said:

“He will use crypto to be able to make global payments for creators, etc. My guess is he uses Doge.”

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter,” Kryptomon Chief Marketing Officer Tomer Nuni explained.

To broaden the speculation, some users pointed out the X and D in Elon Musk’s profile location. They conclude that while the X refers to the Twitter rebrand, the D could be a reference to Dogecoin. Notably, much of the speculative moves are happening on UpBit, which is known for attracting speculative plays.

Twitter to Morph into an Everything App

Meanwhile, the rebranding of Twitter as X is part of Musk’s vision to create an “everything app” like WeChat. The app is expected to offer various services such as audio, video, messaging, payments, and banking.

According to Twitter CEO Linda Yaccarino, users should expect more features and innovations with the rebrand to X. She noted that the company was “just getting started”.

Already, Musk has purchased the X.com domain, which now redirects to Twitter. He has also asked Twitter users to submit their logo suggestions.

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Dogecoin Price Surges after Elon Musk Rebrands Twitter to X

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