Dogecoin (DOGE) saw a 5% surge following Twitter’s news of its rebranding to X.AI, a part of Elon Musk’s AI-focused group of firms.

As DOGE gained momentum, bitcoin (BTC) faced a slide, dropping below the $29,100 mark during European hours.

Elon Musk’s ownership of Twitter and his move to rebrand the platform to X.AI sparked speculation about Dogecoin (DOGE) ‘s potential role in the restructured company. Elon Musk added Dogecoin’s logo to his bio, further fueling speculations about its future involvement.

While DOGE saw a rise, the market experienced a downturn, leading to a liquidation of over $30 million worth of longs on bitcoin-tracked futures.

This sudden decline in BTC price led to a fall in other major tokens as well, with Tron (TRX) and Polygon (MATIC) losing 3.4%, and Solana (SOL) dropping nearly 5%.