Dogecoin (DOGE) shot up another 10% on Tuesday on greater excitement surrounding Elon Musk’s rebranding of Twitter to “X”.
Tuesday’s rise follows a related post on Musk’s Twitter, where the tech mogul appeared to link X to the famous dog meme.
Dogecoin and X
Musk reposted a nine-second animated graphic of the platform’s new “X” logo. The animation itself was sourced from DogeDesigner – the UX/UI & Graphic Designer at Dogecoin & MyDoge Inc.
— Elon Musk (@elonmusk) July 25, 2023
Musk also added the Dogecoin symbol to the location field of his Twitter bio, right next to the X logo.
After publishing the tweet at 12:32 pm on Tuesday, DOGE shot from $0.077 to $0.083 within just 2 hours. It trades for $0.082 at writing time – up 10% over the past 24 hours.
A similar rise occurred after Musk officially acquired Twitter last year, and rumors circulated about him potentially integrating Dogecoin payments into the platform.
After rebranding to X, Musk promised to evolve the platform for “comprehensive communications and the ability to conduct your entire financial world.” He’s given no confirmation about whether crypto would play a role in that.
Elon Posts, Doge Pumps
The price pump is reminiscent of countless times Musk has influenced the memecoin’s price with a single statement or action. In early April, Musk changed Twitter’s logo into a Shiba Inu, causing DOGE to pump by 25%.
Later that month, DOGE pumped 6% after Musk promised a $1 million DOGE donation to anyone who can verify rumors that his family owned an emerald mine.
Musk was also largely behind Dogecoin’s run to its all-time high of $0.70 in May 2021 following a series of bullish tweets about the cryptocurrency – though the coin has since fallen ~90% in value.
For some, his public antics about DOGE are no joke. In June, an amended filing against the billionaire accused Musk of “insider trading” using his DOGE holdings, deliberately fostering hype for the crypto and using his followers as “prey.”
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