Dogecoin (DOGE) surged with a 10% increase following excitement surrounding Musk’s rebranding of Twitter to “X.”
The tech mogul’s association with the popular memecoin has consistently influenced its price, and this recent event was no exception.
Let’s delve into the details of how Musk’s Twitter actions triggered the DOGE price surge and explore his past influence on the cryptocurrency.
On Tuesday, Elon Musk posted a tweet that sent the DOGE price soaring. In the tweet, Musk linked the letter “X” to the famous dog meme, effectively rebranding Twitter to “X.”
The tweet included a nine-second animated graphic of the new “X” logo, sourced from DogeDesigner, the UX/UI & Graphic Designer at Dogecoin & MyDoge Inc.
Notably, Musk also made another significant move by adding the Dogecoin symbol to the location field of his Twitter bio, right next to the “X” logo.
These actions created a stir of excitement among crypto enthusiasts and DOGE investors, resulting in a remarkable price increase.
Within just two hours of publishing the tweet at 12:32 pm on Tuesday, DOGE’s value shot up from $0.077 to $0.083. As of the time of writing, it was still trading at $0.082, representing a solid 10% gain over the past 24 hours.
This is not the first time Elon Musk’s actions have influenced the price of Dogecoin. In the past, he has demonstrated his ability to move the memecoin’s value with a single statement or action.
For instance, in early April, when Musk changed Twitter’s logo to a Shiba Inu, DOGE experienced a 25% price pump.
Furthermore, Musk’s promise of a $1 million DOGE donation to anyone verifying rumors about his family’s ownership of an emerald mine caused DOGE to pump by 6% later that month.
Perhaps most notably, Musk’s bullish tweets about Dogecoin led to the cryptocurrency’s historic all-time high of $0.70 in May 2021. However, the coin’s value has since fallen by approximately 90%.
