Billionaire businessman Elon Musk rebranded his social networking website Twitter as X earlier today. Twitter’s new avatar triggered a rally in the price of Dogecoin, a meme token that is widely known to be supported by Twitter owner Elon Musk. The new X logo replaced Twitter’s famous blue bird logo on the homepage.
Elon Musk took to Twitter recently to unveil Twitter’s new identity, which involved a URL change to X.com:
https://t.co/bOUOek5Cvy now points to https://t.co/AYBszklpkE.
— Elon Musk (@elonmusk) July 23, 2023
Interim X logo goes live later today.
Twitter’s rebranding as X was accompanied by Musk displaying Dogecoin’s logo in his Twitter bio earlier today. The bio was removed shortly after, but opportunistic traders rushed to capitalize on Twitter’s overhaul anticipating an increased role for DOGE in the social networking site’s payments. While no announcements were made in that regard, DOGE still soared a whopping 10% in a matter of hours.
DOGE’s price went from $0.070 to $0.079, marking a 10-week high for the dog-themed meme token. Its market capitalization grew to $10.6 billion, with a 285% increase in its daily trading volume. The price has since subsided and was trading at $0.076 at the time of writing. Data from Coinglass showed that the open interest on DOGE perpetual futures went up by 27.9% over the past 24 hours.
Speaking on the latest development, Twitter CEO Linda Yaccarino stated:
X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine.
Bitcoin didn’t fare so well in light of Twitter’s new persona. The flagship cryptocurrency lost nearly 3% of its value following Twitter’s rebranding to X. Other mainstream cryptocurrencies, including Polygon (MATIC), Tron (TRX), and Solana (SOL), followed suit, tanking 3%, 3.4%, and 4.5%, respectively.
