Twitter’s rebranding to X is part of Musk’s vision to create an “everything app” like WeChat.
The price of the meme token Dogecoin (DOGE) has skyrocketed to recent highs following a surprising announcement by Twitter owner Elon Musk. Musk sparked the surge when he announced plans to change Twitter’s name to X. DOGE is up 10% in the past 24 hours, According to CoinGecko data.
Dogecoin’s popularity soared
Dogecoin was created in 2013 as a token for internet memes. Dogecoin has grown in popularity over the years, thanks to its loyal fan base and celebrity endorsements, including from Elon Musk.
Musk has long been an outspoken supporter of Dogecoin, describing it as the future of the currency. In April, Musk briefly replaced the Twitter logo with the Dogecoin logo and triggered a 30% surge in the price of the asset. It also raised the prospect of DOGE paying for a subscription to Twitter’s premium service.
Since there is no real benefit to it, experts warn that Dogecoin is highly volatile and risky and that investors should be careful before buying it. If X allows DOGE as a method of payment, everything about the token could change.
Dogecoin price speculation led by Musk
Given Musk’s history with the meme icon, it didn’t take long for Twitter’s rebranding announcement to fuel speculation about DOGE. Since the token is already accepted as a form of payment at Tesla, analysts believe that X could do the same as well.
Real Vision CEO Raoul Pal said:
“He’s going to use crypto to be able to make global payments to creators, etc. I think he’s using Doge.”
“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter,” explained Tomer Noni, Kryptomon’s chief marketing officer.
To expand the speculation, some users have pointed out the X and D on Elon Musk’s profile site. They concluded that while X refers to the Twitter brand, D could be a reference to Dogecoin. Notably, a lot of speculative action happens at UpBit, which is known for attracting speculative plays.
Twitter to turn it into the everything app
Meanwhile, Twitter’s rebranding to X is part of Musk’s vision to create an “everything app” like WeChat. The application is expected to provide various services such as voice, video, messaging, payments and banking services.
According to Linda Iaccarino, CEO of Twitter, users should expect more features and innovations with the rebranding to X. She noted that the company is “just getting started.”
Musk has already purchased the X.com domain, which now forwards to Twitter. He also asked Twitter users to submit their own logo suggestions.
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An experienced writer with hands-on experience in the financial technology industry. When not writing, he spends his time reading, researching, or teaching.