Elon Musks Rebranding of Twitter to X Boosts Dogecoin (DOGE) by 10%

Jul 25, 2023 5:01 PM

Crypto, Crypto Market, Crypto Technology

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.

Read Disclaimer

This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

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.