Elon Musk is, as soon as once more, displaying his assist for Dogecoin in a refined however significant means. Twitter, one of many greatest social media corporations now underneath the management of Musk, lately modified its brand from the notorious ‘blue chook’ to a seemingly discrete X image. Nevertheless, this was not the top of the modifications as Musk additionally modified his Twitter bio to show the Dogecoin image.
Elon Musk Highlights Dogecoin In Latest Adjustments
On Monday, Elon Musk modified his Twitter location to “XÐ”, X for the brand new Twitter brand, and Ð for Dogecoin’s brand, sparking speculations a few doable integration of Dogecoin into the Twitter platform.
This isn’t the primary time Musk has promoted DOGE and brought on a stir within the crypto group, as he has tweeted in regards to the meme coin a number of occasions up to now. With virtually 150 million followers on the social media platform, Musk’s tweets garner an enormous quantity of consideration. So when he mentions particular corporations or cryptocurrencies, it usually results in huge value swings.
Musk modifications profile to incorporate DOGE image | Supply: Twitter
His tweets up to now have triggered double-digit share will increase within the value of Dogecoin specifically. This time, Musk’s assist appears to have had extra of a refined value response.
Following the implementation of the brand new bio, the value of Dogecoin shot up greater than 5%. Buying and selling quantity on exchanges additionally elevated drastically as traders rushed to purchase the altcoin. Based on Coinmarketcap, Dogecoin has seen a complete improve of 309.19% in buying and selling quantity up to now 24 hours.
Dogecoin was created as a “meme foreign money,” however has since developed its personal very passionate group and following, together with Elon Musk, who is without doubt one of the world’s richest males.
Will The New Twitter X Assist DOGE?
There’s an excellent probability that Twitter (now X) might incorporate Dogecoin funds into its platform, particularly given Musk’s steady assist. As Twitter’s largest shareholder, Musk may push for the social media firm to include the meme coin into its ecosystem. It will allow customers to seamlessly make funds on the positioning utilizing Dogecoin, which can entice extra crypto traders to the platform and enhance person engagement.
Nevertheless, there are a number of roadblocks in the way in which. Extra secure cryptos like Bitcoin and Ethereum are beginning to be accepted as cost strategies in varied elements of the world. Nevertheless, altcoins like Dogecoin are nonetheless very risky with little utility and there are questions on its stability earlier than Twitter (X) severely considers it as an official cost technique.
On the time of writing, DOGE is buying and selling at $0.07535, a fast improve from its value of $0.07081 earlier within the day.
DOGE value jumps 5% following Musk's Twitter profile replace | Supply: DOGEUSD on TradingView.com
Featured picture from Coinmarketcap, chart from TradingView.com