Dogecoin (DOGE) Pumps 10% As Elon Musk Hyperlinks Memecoin To X

Dogecoin (DOGE) soared another 10% on Tuesday on higher enjoyment surrounding Elon Musk’s rebranding of Twitter to “X”.

Tuesday’s increase follows an associated post on Musk’s Twitter, where the tech magnate appeared to connect X to the well-known pet meme.

Dogecoin and X

Musk reposted a nine-second animated graphic of the platform’s brand-new “X” logo design. The animation itself was sourced from DogeDesigner– the UX/UI & & Graphic Designer at Dogecoin & & MyDoge Inc.

pic.twitter.com/dxbsqwcYv7

— Elon Musk (@elonmusk) July 25, 2023

Musk likewise included the Dogecoin sign to the area field of his Twitter bio, ideal beside the X logo design.

After releasing the tweet at 12:32 pm on Tuesday, DOGE shot from $0.077 to $0.083 within simply 2 hours. It trades for $0.082 at composing time– up 10% over the previous 24 hr.

A comparable increase happened after Musk formally obtained Twitter in 2015, and reports flowed about him possibly incorporating Dogecoin payments into the platform.

After rebranding to X, Musk guaranteed to develop the platform for “thorough interactions and the capability to perform your whole monetary world.” He’s provided no verification about whether crypto would contribute because.

Elon Posts, Doge Pumps

The rate pump is similar to many times Musk has actually affected the memecoin’s rate with a single declaration or action. In early April, Musk altered Twitter’s logo design into a Shiba Inu, triggering DOGE to pump by 25%.

Later on that month, DOGE pumped 6% after Musk guaranteed a $1 million DOGE contribution to anybody who can confirm reports that his household owned an emerald mine.

Musk was likewise mostly behind Dogecoin’s go to its all-time high of $0.70 in May 2021 following a series of bullish tweets about the cryptocurrency– though the coin has actually considering that fallen ~ 90% in worth.

For some, his public shenanigans about DOGE are no joke. In June, a modified filing versus the billionaire implicated Musk of “expert trading” utilizing his DOGE holdings, intentionally cultivating buzz for the crypto and utilizing his fans as “victim.”