Elon Musk is, as soon as once more, displaying his assist for Dogecoin in a delicate however significant method. Twitter, one of many greatest social media corporations now below the management of Musk, just lately modified its brand from the notorious ‘blue hen’ to a seemingly discrete X image. Nonetheless, this was not the top of the adjustments as Musk additionally modified his Twitter bio to show the Dogecoin image.
Elon Musk Highlights Dogecoin In Current Adjustments
On Monday, Elon Musk modified his Twitter location to “XД, X for the brand new Twitter brand, and Ð for Dogecoin’s brand, sparking speculations a couple of doable integration of Dogecoin into the Twitter platform.
This isn’t the primary time Musk has promoted DOGE and prompted a stir within the crypto group, as he has tweeted concerning the meme coin a number of occasions prior to now. With nearly 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 massive value swings.
Musk adjustments profile to incorporate DOGE image | Supply: Twitter
His tweets prior to now have triggered double-digit proportion will increase within the value of Dogecoin specifically. This time, Musk’s assist appears to have had extra of a delicate 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. In response to Coinmarketcap, Dogecoin has seen a complete improve of 309.19% in buying and selling quantity prior 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 likely one of the world’s richest males.
Will The New Twitter X Assist DOGE?
There’s a superb probability that Twitter (now X) could 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 increase person engagement.
Nonetheless, there are a couple of roadblocks in the way in which. Extra secure cryptos like Bitcoin and Ethereum are beginning to be accepted as cost strategies in numerous points of the world. Nonetheless, 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 methodology.
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
