Key Takeaways:
- Elon Musk has been a long-time supporter of Dogecoin.
- Musk hinted at and later confirmed the rebranding of Twitter, adding an “X” logo along with the Dogecoin ticker to his bio.
- Rumors started circulating regarding the possible integration of Dogecoin payments within the platform.
YEREVAN (CoinChapter.com) — Elon Musk has rebranded Twitter to X, which appears to be a homage to X.com, a company he started in 1999 that later morphed into PayPal. And as a bonus, the billionaire entrepreneur has added Dogecoin (DOGE) to the stash — at least figuratively.
https://t.co/bOUOek5Cvy now points to https://t.co/AYBszklpkE.
Interim X logo goes live later today.
— Elon Musk (@elonmusk) July 23, 2023What’s That ‘D’ on Your X Bio, Elon?
TL;DR: Musk added a cryptic ‘D’ alongside an ‘X’ in his Twitter bio. The D appeared like a Dogecoin symbol, a memecoin that Musk has supported for a long time. No point in guessing: the DOGE price rallied nearly 20% after the Musk mention.
Traders have flocked into the Dogecoin market because of major speculation. In 2022, Musk discussed the prospects of integrating a DOGE payment option on Twitter (or X). His D prompted bullish outlooks for Dogecoin as a result.
$DOGE: One of the few alts that looks pretty strong overall. I don't know which levels will be significant to the left, wouldn't be surprised to see this continue grinding as high as .09s in the short term. #DOGE pic.twitter.com/35CBBI7yE4
— Altcoin Sherpa (@AltcoinSherpa) July 25, 2023The ‘X’ Rebranding
Musk expressed his ambition to make X an “everything app,” focusing particularly on financial services. That is akin to the entrepreneur’s goals for X.com, a domain name he purchased from PayPal in 2017.
Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.
The Twitter name made sense when it was just 140 character messages going back and forth – like…
— Elon Musk (@elonmusk) July 25, 2023The prospect of Dogecoin payments within the X ecosystem can provide Dogecoin with more utility and drive the price up. If this super-app ambition realizes itself and payments are allowed on the platform, Dogecoin can also potentially be in the number of assets present on the platform.
This theoretical inclusion can give Dogecoin more bullish upturns going forward.
