Dogecoin (DOGE) Continues to Rise as Elon Musk Teases Rebranding of Twitter to “X”
Dogecoin saw a 10% increase on Tuesday as Elon Musk hinted at rebranding Twitter to “X” and posted an animated graphic of the new logo sourced from DogeDesigner. Musk also added the Dogecoin symbol to his Twitter bio. This rise in price is reminiscent of previous instances where Musk’s actions or statements influenced the price of DOGE. In April, changing Twitter’s logo into a Shiba Inu caused a 25% pump in DOGE, and in May 2021, bullish tweets from Musk led to DOGE reaching its all-time high. However, Musk has faced accusations of “insider trading” and manipulating the market with his DOGE holdings.
Key Points:
- Dogecoin surged 10% following Elon Musk’s teasing of rebranding Twitter to “X” and his inclusion of the Dogecoin symbol in his Twitter bio.
- Musk’s previous actions, such as changing Twitter’s logo to a Shiba Inu, have caused significant pumps in DOGE’s price.
- Accusations of “insider trading” and market manipulation have been levied against Musk due to his influence on DOGE’s price.
- DOGE reached its all-time high of $0.70 in May 2021 but has since dropped by approximately 90%.
- It remains uncertain whether crypto will play a role in the rebranded Twitter platform.
Hot Take:
Elon Musk’s involvement and influence on Dogecoin’s price continue to be a point of controversy. While his actions and statements have caused significant pumps in DOGE’s price, accusations of market manipulation and insider trading persist. The rebranding of Twitter to “X” and the inclusion of the Dogecoin symbol in Musk’s Twitter bio have once again excited crypto enthusiasts. However, the long-term impact on DOGE’s price and its integration into the rebranded platform remain uncertain.
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