Dogecoin Surges After Musk Announced Plan To Rebrand Twitter
In an unexpected turn of events, tech billionaire Elon Musk’s one tweet drove Dogecoin’s (DOGE) price surging and caused a 4% gain. The popular, controversial CEO suggested that Twitter might soon rebrand to “X,” setting off rumors about potential Bitcoin integrations with the social media site in the cryptocurrency industry. Following Musk’s cryptic Twitter tweet, Dogecoin is up about 2.4% in the last 24 hours.
The tweet “Twitter renaming to X… might be good,” made in the early hours of today, saw almost 100 million followers reacting to it. Despite the message’s seeming obscurity, experts and investors immediately read it as a possible allusion to the platform’s support for digital assets or the integration of cryptocurrency payments.
Elon Musk’s infrequent tweets regarding digital money inspired by memes have affected its value and market sentiment in the past. BeInNew’s David Thomas, in his analysis, said that although Dogecoin was not specifically mentioned in the tweet in question, the mere connection of Musk’s name with cryptocurrency was enough to thrill DOGE holders.
Geraint Price, another analyst with BeInNew, explained that Musk’s interest in digital assets goes beyond Dogecoin. Musk, the CEO of the electric car company Tesla, has disclosed a large sale of its Bitcoin holdings. This action raised the specter that Musk’s interest in cryptocurrencies would extend beyond the dog-themed meme coin.
Further observation revealed that Musk’s relationship with Twitter has been in the news since he bought the dominant social media platform in October. After the acquisition, the billionaire made some dramatic changes, including firing important employees, which drew criticism from the IT and social media communities.
A few weeks into his role as the new owner, Musk added a membership system to Twitter, which drew much criticism. Many users expressed their concerns about potential restrictions on free expression and information access on the network in response to the contentious subscription plan.
Investors, Traders Agog, Closely Watching The Development
Investors and cryptocurrency enthusiasts are closely following the development of Twitter’s rebranding to see if it will include support for cryptocurrencies like Dogecoin. Musk was also accused of having a history of making risky and unconventional business decisions because of his significant influence on social media platforms.
A look into Twitter users’ observations concluded that since the specifics of Twitter’s redesign are unknown, there is an opportunity for conjecture and excitement in the cryptocurrency world. Musk’s tweets had previously caused significant price increases for Dogecoin; this recent increase adds new excitement as investors eagerly await more information from Musk and Twitter.
Meanwhile, market watchers contend that while Musk’s comments may contribute to short-term price volatility, they also highlight the larger problem of the dependence of cryptocurrency prices on the acts of particular individuals.
The incident involving Dogecoin and Twitter serves as a warning that the cryptocurrency market is still highly influenced by news and sentiments, necessitating prudence and due diligence on the part of investors. And as expected, the price of Dogecoin closed positively today, leaving the market capitalization with a 3.53% increase to close at $10,470,361,378.
The trading volume received the highest, within 2023, with a 367.26% increase, closing at $1,404,781,516 in the last 24 hours. The price of Dogecoin closed at $0.07463 after increasing by 3.58% – leaving the total amount of coins in circulation at 140,308,616,384 DOGE.
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