- Dogecoin was very quick to rise in price on the 24th of July. And the new announcement from Elon Musk concerning their Twitter rebrand is the reason for this surge.
- Twitter announced they would change their logo and name to X. However, users noticed Elon Musk inserted a Dogecoin symbol (Ð) in his new location.
- This made the meme coin increase sporadically. In fact, the price wasn’t the only growth parameter, as there was also a surge in market capitalization.
Dogecoin (DOGE) over the past 30 days increased massively. This is mainly because of the numerous activities happening in the crypto industry for the past month. Prominent events such as XRP partial ruling sent the cryptocurrency price to new levels. But recently, the meme coin further touched new levels when Twitter announced a major update on their platform. They were rebranding to X Corp. and changing their iconic bird logo.
Dogecoin Pumps to a New Level
Elon Musk has the gift of controlling the financial market. He did so with popular stocks such as Twitter and Tesla. In the same way, the crypto industry isn’t left out, as many occurrences show his influence in the crypto market.
It was particularly significant after announcing the change in Twitter’s logo. Apparently, he was changing the iconic bird logo to an X symbol. This new change sent signals across the crypto market, where many tokens, particularly meme coins, surged. Dogecoin was among the top meme coins that rode on waves.
The meme coin increased its monthly gains to a whopping 10%. This is quite huge for Dogecoin. Nevertheless, the new bullish trend from the Twitter rebrand increased Dogecoin from 0.07144 to 0.07785 within that period. An increase like this made Dogecoin reach new levels since early May. The price wasn’t the only thing that increased. Simultaneously, the Dogecoin market cap rode in the wave after rising to $16.29 billion as of July 24.
Dogecoin and Elon Musk: A Match Made in Heaven
The reason the Dogecoin price increased wasn’t only because of the Twitter rebrand. Apparently, some subtle actions from Elon Musk encouraged the upgrade in the first place. When Musk announced the Twitter rebrand, he changed his location. His new location featured X and Ð (Dogecoin symbol). Users quickly pointed this out, and it immediately went viral.
But this is not the first time Elon Musk raised a platform for a Dogecoin price increase. Earlier this year, the billionaire changed Twitter’s logo to Dogecoin’s. This sent the cryptocurrency’s price to go bunkers. DOGE surged as high as 10.5 cents on April 3 after Elon Musk’s Twitter changed its logo.
Conclusion
The Twitter rebrand has done some monumental wonders on Dogecoin. Immediately, the meme coin went into a price surge that helped it touch new levels since May. The price didn’t only increase, but the market cap rose to more than $16 billion within that time.
Cover image from Pixabay
Doge coin is surely enjoy now that Elon Musk own Twitter. Traders should get ready for bull Dogecoin.