By Curtis Dye
Key Insights:
- Elon Musk’s Twitter bio change fuels Dogecoin speculation.
- Dogecoin may become the global payment method on Twitter.
- Musk’s move could have significant long-term implications for the crypto market.
Elon Musk, the maverick billionaire, is known for his cryptic tweets and actions that often significantly impact the crypto market. His latest move, a subtle change in his Twitter bio, has again set the rumor mill churning. The change came after Twitter’s rebranding to “X,” it has led to speculation that Dogecoin, a cryptocurrency Musk has previously endorsed, might soon find a place in Musk’s “everything app.”
On the 25th of July, keen observers of Twitter spotted a fascinating update to Musk’s profile location. It now showcases an “X” and a “D.” The “X” seemingly alludes to Twitter’s fresh persona, while the “D” is broadly perceived as a subtle endorsement of Dogecoin.
Twitter user Morgan was among the first to spot this change. “Anyone else notice the Dogecoin (Ɖ) symbol in Elon Musk’s location?” Morgan tweeted, adding more fuel to the speculative fire.
Dogecoin: The New Global Payment Method on Twitter?
Raoul Pal, the CEO of Real Vision, shared his thoughts. In a tweet dated July 25, Pal suggested that Musk might use Dogecoin to enable global payments for creators on the platform. His reasoning? Musk already “owns a big chunk anyway,” and “he likes it.”
Also read:When queried about why Musk wouldn’t create his token specific to the platform for these payments, Pal proposed that Dogecoin could help Musk sidestep securities laws, thus providing him with “zero execution risk.”
Twitter’s sudden rebranding to X on July 24 took many by surprise. The change was made official at 10 am UTC. Musk’s reference to Dogecoin and the ensuing speculation gave the meme coin a slight price boost. According to TradingView data, Dogecoin’s price saw a spike of up to 5%.
Dogecoin is trading at $0.07729, marking an 11.90% increase over the past week.
Dogecoin 7-day Chart (Source: CoinMarketCap)
Long-Term Implications of Musk’s Crypto Move
Josh Gilbert, a market analyst at eToro, shared his viewpoint on the unfolding scenario. He acknowledged that the rebranding could trigger a temporary surge for Dogecoin. Yet, he underscored that Musk’s maneuvers could wield substantial long-term influence on the cryptocurrency market landscape.
“It does have implications for crypto in the short-term as it moves markets. But it’s in the long-term as Musk looks to build out payment networks using his platform that could soon compete with Ethereum, Bitcoin or others,” Gilbert explained.
As investors attempt to decode Musk’s decisions, Gilbert counseled them to avoid getting sidetracked by immediate occurrences. Instead, their attention should be on more extensive and enduring trends. As a result, the potential role of Dogecoin in Musk’s plans continues to pique interest. Nevertheless, the real influence of these shifts on the cryptocurrency market will only be unveiled with time.
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