Elon Musk is, as soon as once more, exhibiting his help for Dogecoin in a delicate however significant method. Twitter, one of many largest social media firms now underneath the management of Musk, not too long ago modified its brand from the notorious ‘blue fowl’ to a seemingly discrete X image. Nonetheless, this was not the top of the modifications as Musk additionally modified his Twitter bio to show the Dogecoin image.
Elon Musk Highlights Dogecoin In Latest Modifications
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 few potential integration of Dogecoin into the Twitter platform.
This isn’t the primary time Musk has promoted DOGE and triggered a stir within the crypto group, as he has tweeted in regards to the meme coin a number of instances up 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 firms or cryptocurrencies, it typically results in massive worth swings.
Musk modifications profile to incorporate DOGE image | Supply: Twitter
His tweets up to now have triggered double-digit proportion will increase within the worth of Dogecoin specifically. This time, Musk’s help appears to have had extra of a delicate worth 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 line with Coinmarketcap, Dogecoin has seen a complete enhance of 309.19% in buying and selling quantity up 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 without doubt one of the world’s richest males.
Will The New Twitter X Help DOGE?
There’s probability that Twitter (now X) might incorporate Dogecoin funds into its platform, particularly given Musk’s steady help. 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 consumer engagement.
Nonetheless, there are just a few roadblocks in the best way. Extra steady cryptos like Bitcoin and Ethereum are beginning to be accepted as cost strategies in varied features of the world. Nonetheless, altcoins like Dogecoin are nonetheless very unstable with little utility and there are questions on its stability earlier than Twitter (X) significantly considers it as an official cost methodology.
On the time of writing, DOGE is buying and selling at $0.07535, a fast enhance from its worth of $0.07081 earlier within the day.
DOGE worth jumps 5% following Musk's Twitter profile replace | Supply: DOGEUSD on TradingView.com
Featured picture from Coinmarketcap, chart from TradingView.com