Dogecoin Gains After Musk’s Twitter Rebrand Revelation: Here’s Why

The Dogefather’s new Twitter vision is explained in two symbols, promising for DOGE.

Elon Musk in Space, filled with of new Twitter moon phase, Tesla and Doge.
Created by Kornelija Poderskytė from DailyCoin
  • Elon Musk changes his Twitter bio to ‘𝕏Ð,’ sparking speculation.
  • Dogecoin is the top gainer of the day among major altcoins.
  • Veteran DOGE traders share insights on monthly charts.

The popular micro-blogging platform Twitter is undergoing more major changes today, as the new CEO Linda Yaccarino declares Twitter’s transformation into ‘X.’ Elon Musk, the platform’s owner, also shared the same logo shining bright at the San Francisco Headquarters of X Corp.

Elon light-heartedly added that ‘tweets’ will now become ‘Xs, but the initial name change for retweets must be reconsidered. Previously, Twitter 2.0, or ‘X,’ was speculated to include Dogecoin as a tipping currency, with the potential to become the centerpiece of X’s financial ecosystem.

X Marks the DOGE?

The DOGE Army was excited following the news of the Twitter makeover, as the Ð sign is rumored to represent the original canine cryptocurrency in the new platform. ‘X’ is an all-in-one app by the extravagant billionaire Elon Musk which resembles China’s WeChat.

The idea behind such an app is to merge several services that normally users would need separate apps for. The app will host a messenger service, financial research tools, educational tools, and social hubs. It will also likely use artificial intelligence to predict behavior.

Ray of Sunshine for ÐOGE

Meanwhile, Dogecoin hit its daily high of $0.077360 an hour ago. Trading in a descending triangle in the monthly charts, $DOGE defies the conditions regulated by the crypto bears; most altcoins are down by around 2-3%, while $DOGE has enjoyed 6% gains in the last 24 hours.

At press time, the top dog memecoin is changing hands at $0.076292, according to CoinGecko. If the descending triangle continues, veteran crypto trader Ali sees a bright future for the canine crypto: “The last time a descending triangle developed on the monthly chart $DOGE pumped 23,200%!”

On the Flipside

  • While Dogecoin dug up 6% daily gains, another unrelated altcoin increased by 381.5%.
  • $X, ranked #2,021, skyrocketed after the new X logo revelation and now trades at $0.00030303.

Why This Matters

Social media platforms implementing Web3-related upgrades usually have an impact on crypto prices.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.