The rebranding of technology genius and entrepreneur Elon Musk's Twitter account as "X" has caused a significant surge in the price of Dogecoin (DOGE) cryptocurrency. Musk, in a post on Tuesday, showcased the famous Doge meme with an "X" connection, sharing a nine-second animation of the new "X" logo for the platform. The animation was created by DogeDesigner, a video artist who combined the popular Dogecoin symbol with the letter "X." This move led to a substantial increase in the price of Dogecoin, with the cryptocurrency gaining 10% in value in the last 24 hours.
Elon Musk's Twitter Rebranding and Its Impact:
Similar to the previous instances where Musk's official acquisition of Twitter caused a notable surge in Dogecoin's price, this recent rebranding also had a positive impact on the cryptocurrency's value. By adding the Dogecoin symbol to his Twitter bio's location field and sharing the animation for the new "X" logo, Musk demonstrated his interest in Dogecoin. Following his tweet on Tuesday at 12:32, the DOGE price surged from $0.077 to $0.083 within just 2 hours.
#twitter #X Effect of Musk's Past Statements on DOGE Price:
Elon Musk's statements and actions have shown their power to influence the price of meme-based cryptocurrencies like Dogecoin. In early April, when Musk changed Twitter's logo to a Shiba Inu, DOGE's value increased by 25%. Later in the same month, when Musk confirmed he owned Dogecoin and would donate, the price saw a 6% rise. Similarly, Musk's statements in May 2021 also boosted DOGE's value, although it has since dropped by approximately 90% from that date.
Criticism of Musk's Remarks on DOGE:
Elon Musk's candid remarks about DOGE have drawn some criticisms. In June, a lawsuit alleged that Musk's ownership of DOGE allowed him to be privy to "inside information" and accused him of using his followers as "pawns" for the cryptocurrency.
#Elonmusk #MemeCoins $DOGE In Summary:
Elon Musk's rebranding of Twitter as "X" and his statements expressing interest in Dogecoin have led to a significant increase in DOGE's price. However, it should be noted that similar past statements and actions have also caused fluctuations in DOGE's value. The future development of Musk's Twitter platform and the role Dogecoin will play in this process remain uncertain. Investors and cryptocurrency enthusiasts will closely monitor Musk's future remarks and actions.
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