Elon Musk Hints At Dogecoin (DOGE) Support on X (Twitter), DOGE Price Jumps
07/24/2023 17:15
Elon Musk, who recently changed the Twitter logo to X, has also updated his location on Twitter in support of Dogecoin.
Elon Musk has been a long supporter of cryptocurrencies and especially Dogecoin (DOGE). It is not unknown how his tweets and statements have made the price of the DOGE coin climb up and down. And today, just after Musk changed the Twitter logo to “X”, he also changed his Twitter location to “X Ð.” Here, “X” is the new logo of Twitter, and “Д is the symbol for Dogecoin.
Musk’s decision to update his Twitter location to incorporate the Dogecoin symbol is unknown. It’s more likely, though, that he was attempting to express his support for cryptocurrencies. The incident happened at the same time as talks went around that Twitter is considering accepting Dogecoin as payment.
Cryptocurrency players also recognize Musk’s contribution to Dogecoin’s success at this time. For instance, Changpeng Zhao, the CEO of Binance, expressed his amazement that Dogecoin had not vanished and hypothesized that Musk may have contributed to the meme coin’s continued existence.
Notably, since Musk revealed a new financial structure for the social media site, there is more talk about Dogecoin perhaps taking on a new role within the Twitter ecosystem.
DOGE Price Jumps
After the logo change and location update, as expected, the dogecoin price is on a severe bull run. It has soared 4.36% in a day and now trading at $0.075, at the time of writing. Dogecoin occasionally exhibits hints of renewed interest as it maintains its position as the largest meme coin by market valuation. The meme-inspired cryptocurrency rose to the eighth-largest cryptocurrency this week after adding more than $1 billion to its market valuation. This came after Dogecoin surged over 6% in a week, which quickly increased its market cap to well than $10 billion.
Recommended Articles
Musk, when he spoke at the Wall Street Journal CEO Council Summit, he described why the meme coin is his favorite cryptocurrency. Musk said that his affection for Dogecoin is more tied to its hilarious aspect than to the token’s potential in the cryptocurrency market, Finbold reported.
Also Read: How to Buy Dogecoin on eToro: Beginner’s Guide
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.