Key Takeaways:
- Dogecoin (DOGE) soars 10% after Musk’s rebranding hoopla but loses altitude hours later.
- The billionaire’s symbol change in bio spurred DOGE bulls’ expectations.
- Musk has not yet commented on his plans regarding Dogecoin.
YEREVAN (CoinChapter.com) – Twitter owner Elon Musk and Dogecoin go back and have a rich relationship, full of mutual hand-washing. The latest Twitter news did not make an exception, as the king of all things meme pumped 10% after Musk remanded the social media platform to X.com.
Dogecoin jumps 10% but loses altitude
The logo went live, and the DOGE price jumped but gave a choppy performance in the following hours. As a result, the token changed hands at $0.076 at 10 am GMT on July 24.
Meanwhile, the price action could pull off the largest daily bullish move since Apr 3, 2023, if DOGE closes above $0.080 on July 24. Given the uneven performance, a bullish continuation is not a given. However, a possible explanatory statement from Musk could push the coin higher.
As of writing time, Dogecoin’s on-chain metrics continued to look bullish on rising whale interest. For example, the anonymous whale with the address “DEgDV…..pMke” became the 5th largest DOGE holder after several large transactions in May 2023.
The address is the largest holder, while the top 10 addresses hog nearly half of the DOGE supply.
Does Musk have plans for DOGE after all?
Moreover, Musk added the Dogecoin symbol in his Twitter (or should I say X?) bio, net to the logo, intensifying speculations that Doge could become the “Twitter currency,” as Musk intended earlier in 2023.
The entrepreneur has not yet commented on the symbol change or any plans he might have regarding DOGE. However, when he spoke at the Wall Street Journal CEO Council Summit, the billionaire described why the meme coin is his favorite cryptocurrency.
Musk said that his affection for Dogecoin is more tied to its hilarious aspect than the token’s potential in the cryptocurrency market.
Meanwhile, Elon Musk and X.com go way back. In detail, X.com was an online bank co-founded by Musk himself, Harris Fricker, Christopher Payne, and Ed Ho in 1999 in Palo Alto, California.
In 2000, X.com merged with competitor Confinity Inc, which featured a progressive payment system. The merged company changed its name to PayPal, now one of the largest payment systems globally, with over $55 billion in total assets.
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