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Billionaire entrepreneur Elon Musk has given Twitter, the popular social media platform, a rebrand for X. Then, secretly, Crypto Twitter noticed that Musk revealed the Dogecoin logo in his Twitter bio location, after a logo change from the classic blue bird to the X symbol.
These subtle but symbolic actions pushed Dogecoin’s price up a whopping 8%, with its trading volume skyrocketing by a remarkable 450.19% in a 24-hour span, according to CoinGecko data.
Musk bought Twitter for $44 billion, merging it into privately held company X Corp. under X Holdings Corp. This was a step towards creating ‘X’, an all-in-one app, as Musk alluded to in October 2022.
He has since lost about $20 billion since buying Twitter, according to the Guinness Book of World Records.
However, X Corp., the rebranded Twitter, still has millions of active users, and the integration of DOGE payments could expand the use of crypto on a global scale.
The relationship between DOGE and Musk is a long one. Musk reportedly owns about $3 billion in DOGE in various wallets. Telsa, on the other hand, allegedly has over $200 in DOGE in 2022.
If the predictions are correct and Dogecoin is indeed integrated into X’s payments infrastructure, Musk’s continued support could boost Twitter’s earnings while potentially boosting Twitter’s stock and recouping losses.
Musk’s open admiration for Dogecoin has been a consistent theme, leading to significant price swings. His 2019 tweet, “Dogecoin might be my favorite cryptocurrency. It’s so cute,” hardened this love
While there are doubts — given crypto’s flirtation with mainstream status amid the bull market that ended in 2021 — the potential remains.
X is finally arriving! 🔥
X will be an “app for everything” ie super app for the US (like China’s WeChat)
• Social: network, messaging, video, content
• Finance: banking, payments, data
“Ahead of schedule would be half the global financial system” – Elon Muskpic.twitter.com/wWywAdYRZR
— Brandon Hoffman (@BrandonHoffman_) July 14, 2023