A delicate change in Elon Musk’s Twitter bio after his platform’s rebrand to “X” has once more fanned the flames of hypothesis — that Dogecoin (DOGE) could have a future on the platform.
On July 25, eagle-eyed Twitter (now X) customers started declaring that Elon Musk’s profile location now sports activities each an “X” and a “D” — with X referencing Twitter’s new branding, whereas D has been interpreted to imply Dogecoin — a memecoin he has been publicly supportive of up to now.
Anybody else discover the Dogecoin (Ɖ) image in Elon Musks location pic.twitter.com/Y1OGT42hD2
— Morgan (@Helloimmorgan) July 24, 2023
Different observers, similar to Actual Imaginative and prescient CEO Raoul Pal got here to an identical conclusion, albeit with completely different reasoning.
In a July 25 tweet, Pal mentioned Musk would more than likely use Dogecoin to make international funds for creators on the platform, noting that the eccentric billionaire already “owns a giant chunk anyway” and “he likes it.”
Two issues Ive mentioned when Elon purchased “X”:
Elon purchased it for the AI, and the free speech angle is to present it an unbiased mannequin. He wants the AI to coach the Optimus robotic.
He’ll use crypto to have the ability to make international funds for creators and many others. My guess is he makes use of Doge. 1/
— Raoul Pal (@RaoulGMI) July 24, 2023
When requested why Musk wouldn’t create his personal platform-specific token for these funds, Pal prompt that Dogecoin might assist Musk get round securities legal guidelines, giving him “zero execution danger.”
Twitter’s rebrand to X got here with little warning on July 24, formally making the crossover at 10 am UTC. Musk’s reference to Dogecoin and the ensuing hypothesis managed to attain a small value achieve for the memecoin, which rose as excessive as 5%, in line with knowledge from TradingView.
It’s at the moment buying and selling at $0.07, up 9.5% during the last seven days.
Associated: Elon Musk to rebrand Twitter to X, however Crypto Twitter has different concepts
In emailed feedback to Cointelegraph, eToro market analyst Josh Gilbert mentioned that whereas the rebrand could present a short-term rally for Dogecoin, Musk’s transfer might additionally yield vital impacts for the crypto market in the long run.
“It does have implications for crypto within the short-term because it strikes markets. However it’s within the long-term as Musk appears to be like to construct out fee networks utilizing his personal platform that would quickly compete with the likes of Ethereum, Bitcoin or others,” Gilbert defined.
“Whereas the market reads the tea leaves of Musk’s selections, it is higher for traders to not develop into distracted by short-term occasions and concentrate on the longer and wider traits,” Gilbert mentioned.
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