Checking Out the Elon Musk ‘tea leaves’– Is Dogecoin coming for Twitter?
A subtle modification in Elon Musk’s Twitter bio after his platform’s rebrand to “X” has actually once again fanned the flames of speculation that Dogecoin (DOGE) might have a future on the platform.
On July 25, eagle-eyed Twitter (now X) users started mentioning that Elon Musk’s profile place now sports both an “X” and a “D”– with X referencing Twitter’s brand-new branding, while D has actually been analyzed to indicate Dogecoin, a memecoin he has actually been openly helpful of in the past.
Anybody else observe the Dogecoin (Ɖ) sign in Elon Musks place pic.twitter.com/Y1OGT42hD2
— Morgan (@Helloimmorgan) July 24, 2023
Other observers, such as Genuine Vision CEO Raoul Friend, concerned a comparable conclusion, albeit with various thinking.
In a July 25 tweet, Friend stated Musk would more than likely usage Dogecoin to make international payments for developers on the platform, keeping in mind that the eccentric billionaire currently “owns a huge portion anyhow” and “he likes it.”
2 things Ive stated when Elon purchased “X”:
Elon purchased it for the AI, and the totally free speech angle is to provide it an impartial design. He requires the AI to train the Optimus robotic.
He will utilize crypto to be able to make international payments for developers and so on. My guess is he utilizes Doge. 1/
— Raoul Friend (@RaoulGMI) July 24, 2023
When asked why Musk would not develop his own platform-specific token for these payments, Friend recommended that Dogecoin might assist Musk navigate securities laws, providing him “absolutely no execution threat.”
Twitter’s rebrand to X included little caution on July 24, formally making the crossover at 10 am UTC. Musk’s recommendation to Dogecoin and the resulting speculation handled to score a little rate gain for the memecoin, which increased as high as 5%, according to information from TradingView.
It is presently trading at $0.07, up 9.5% over the last 7 days.
Related: Elon Musk to rebrand Twitter to X, however Crypto Twitter has other concepts
In emailed remarks to Cointelegraph, eToro market expert Josh Gilbert stated that while the rebrand might offer a short-term rally for Dogecoin, Musk’s relocation might likewise yield substantial effects for the crypto market in the long term.
” It does have ramifications for crypto in the short-term as it moves markets. However it remains in the long-lasting as Musk aims to develop out payment networks utilizing his own platform that might quickly take on the similarity Ethereum, Bitcoin or others,” Gilbert described.
” While the marketplace checks out the tea leaves of Musk’s options, it’s much better for financiers not to end up being sidetracked by short-term occasions and concentrate on the longer and broader patterns,” Gilbert stated.
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