Elon Musk’s Twitter Rebranding Drive Dogecoin Price Higher
Summary: Elon Musk's decision to rename Twitter as "X" has led to a surge in crypto tokens, especially Dogecoin (DOGE). Dogecoin's value increased by 5%, making it the second-largest gainer among top 100 cryptocurrencies. Over the past three weeks, Dogecoin whales have accumulated an estimated 3 billion Dogecoins, or $225 million, causing a price increase of almost 12% in the last 30 days.
Elon Musk’s decision to rename the microblogging network he recently acquired, Twitter, as “X” has caused a number of crypto tokens to rise, with Musk’s favorite memecoin, Dogecoin (DOGE), being one of them. The data, however, also shows that Dogecoin whales welcome this development with open arms.
On Monday, markets for digital assets throughout the world saw declining indices. Dogecoin, the cryptocurrency with the highest market cap among memes, executed a decoupling event by recording green metrics despite the large sell-off and increasing selling pressure.
Price Surges Briefly
The value of Dogecoin had increased by about 5%, making it the second largest gainer among the top 100 cryptocurrencies. The total value of DOGE traded in a day increased by 353%, reaching $1.3 billion.
Ali, a crypto specialist, claims that Dogecoin whales have been in a massive buying frenzy over the last three weeks. During this time frame, crypto whales accumulated an estimated 3 billion Dogecoins, or around $225 million. As a result of this accumulation, DOGE has seen a price increase of almost 12% during the last 30 days.
Elon Musk Backing
The announcement by Elon Musk to rename Twitter “X” marked the beginning of the accumulation period. On Monday, the CEO of Twitter finally implemented his plan to rebrand the company. Despite the intense selling pressure, this action has caused DOGE to rise.
Previously, Elon Musk made an overnight switch from the Twitter logo to the Dogecoin logo. This shows his support for the coin that is now riding the wave. It remains to be seen, though, whether Musk will reveal any forthcoming intentions to use DOGE on X.com.
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