Elon Musk has rebranded Twitter to “X.” Dogecoin gained 20% main as much as the change, via integration is unsure.
Elon Musk’s Twitter rebranded to X on July 25 in a transfer that introduced an finish to the corporate’s 17-year-old “blue chicken” brand.
That change follows an April merger through which Musk folded Twitter into his X Corp. group of corporations however avoided rebranding the web site itself.
The current rebrand additionally coincides with a big rise within the value of Dogecoin (DOGE), which is up 11.9% over one week and up 21.6% over two weeks. That progress is notable as a result of Bitcoin (BTC), which usually matches the general crypto market, misplaced 1.3% and a pair of.8% of its worth over one- and two-week intervals, respectively.
Twitter’s X rebrand had no direct relationship with Dogecoin. Nonetheless, Musk added the Dogecoin image, a crossed Ð, to his social media profile on the identical day.
That small change possible contributed to Dogecoin’s good points. It additionally constructed on Musk’s many previous endorsements of Dogecoin — together with a temporary Twitter brand swap that includes a Shiba Inu canine in April. Different newer occasions, comparable to rumors main as much as the rebrand, could have additionally allowed DOGE to realize important worth.
Twitter, now X, has not introduced any plans to combine cryptocurrency or Dogecoin in any approach. Somewhat, the rebrand is a part of Musk’s broader makes an attempt to show the social media website into an “all the pieces app” with a deal with funds.
The agency obtained cash transmitter licenses in some U.S. states in early July. Although it at present accepts funds for some on-site options, the brand new license will permit it to deal with funds on behalf of its prospects in a way much like PayPal.
By the way, Twitter added restricted cryptocurrency transactions, together with Bitcoin ideas circa 2021. One other firm inside Musk’s X Corp. — Tesla — helps Dogecoin funds for merchandise. These components could give cryptocurrency buyers hope that Dogecoin will probably be used extra broadly inside Musk’s X corporations.
However regardless of optimism amongst crypto buyers, Twitter has introduced few particular plans and has seen substantial backlash over previous selections. As such, poor notion of Musk and X might trigger Dogecoin’s good points to be short-lived or sporadic.
Disclaimer: data contained herein is supplied with out contemplating your private circumstances, due to this fact shouldn’t be construed as monetary recommendation, funding advice or a suggestion of, or solicitation for, any transactions in cryptocurrencies.
