Dogecoin (DOGE) Surges Due to This "Small Detail" by Elon Musk
The market's 7th largest cryptocurrency, Dogecoin, saw a nearly 10% increase immediately after a Twitter announcement of a rebrand.
Dogecoin (DOGE) Surges Due to This "Small Detail" by Elon Musk
The Dogecoin frenzy appears to have returned following the appearance of the memecoin's logo on Elon Musk's newly rebranded Twitter account.
Specifically, internet users discovered the "Ð" symbol in Musk's Twitter profile, typically found in the display name section. This detail is positioned next to the new "X" logo of the social media platform.
Following this revelation, the price of the world's 7th largest cryptocurrency surged by 10% to $0.084 USD. This marks its highest price since January, accompanied by a trading volume exceeding $1.7 billion USD.
[1-hour chart of DOGE/USDT pair on Binance as of 08:40 AM on 26/07/2023]
However, this action is not the first time Dogecoin's price has danced under Musk's influence. The billionaire has frequently shown fondness for and has been a pivotal figure in the coin's development history. A recent example includes Twitter changing its logo from a blue bird to the Doge dog image back in April, which was quickly reverted, causing the coin's price to lose momentum and decline.
According to data from CoinMarketCap, Dogecoin currently holds a market capitalization of $11.2 billion USD. Overall, the meme coin has also been among the top gainers of the past week, with a notable increase of 18.9%.
Since Elon Musk took control of the social media platform in October last year, where we now see the Twitter logo and much of its brand changed to "X," a slew of crypto projects with the name "X" have emerged and shown impressive growth. A prominent example is token X, which surged by 1,200% within 24 hours despite the project having closed in May.
