Dogecoin (DOGE) experienced a remarkable surge, surging 10% on Tuesday, thanks to the buzz surrounding Elon Musk’s intriguing move to rebrand Twitter as “X.” The tech mogul added to the excitement by posting an enigmatic tweet, seemingly connecting the new “X” logo to the beloved dog meme.
The nine-second animated graphic featuring the platform’s fresh “X” logo was sourced from none other than DogeDesigner, the talented UX/UI & Graphic Designer at Dogecoin & MyDoge Inc. Musk also boldly placed the Dogecoin symbol next to the “X” logo in his Twitter bio to fuel speculation further.
As the clock struck 12:32 pm on Tuesday, Musk published the tweet that catalysed DOGE’s swift ascent from $0.077 to $0.083 within a mere two hours. The cryptocurrency traded at $0.082 when writing, marking an impressive 10% gain in the past 24 hours.
Interestingly, a similar surge occurred last year when Musk officially acquired Twitter, with rumors swirling about the possibility of integrating Dogecoin payments into the platform. However, despite the rebranding to “X,” Musk has made no explicit confirmation about crypto’s role in the platform’s future evolution, leaving enthusiasts and investors eagerly speculating.
This sudden price pump is not the first instance of Musk’s influence on the memecoin’s value through a single statement or action. In April of the previous year, a mere change of Twitter’s logo into a Shiba Inu, a breed associated with the Dogecoin meme, caused DOGE’s value to skyrocket by 25%. Additionally, in the same month, DOGE experienced a 6% increase after Musk pledged a $1 million DOGE donation to anyone able to verify rumours about his family’s ownership of an emerald mine.
Elon Musk’s impact on Dogecoin’s price trajectory stretches back to May 2021, when his bullish tweets about the cryptocurrency catapulted it to an all-time high of $0.70. However, since then, the coin has witnessed a significant depreciation, losing approximately 90% of its value.
Yet, not everyone takes Musk’s antics with DOGE lightly. In June, a legal filing accused the billionaire of “insider trading” by deliberately stoking hype around the crypto through his DOGE holdings and utilizing his massive following as “prey.”
While the future of DOGE remains uncertain, one thing is undeniable—Elon Musk’s involvement has been a rollercoaster ride for the memecoin, with each of his moves and statements significantly impacting its value. As the crypto community eagerly watches, only time will reveal the next chapter in the DOGE saga.