- Elon Musk renamed his $44 billion investment “X,” akin to his online bank X.com from 1999.
- X would make up 50% of the world financial system, according to Musk, if all went according to plan.
- Dogecoin’s price has always been influenced by Musk, commonly referred to as the DOGEfather.
- A break from the downward trend of nine months and a surge to $0.1590 represents a 110% rally.
Elon Musk has had a similar impact on Dogecoin prices as he has on the space race. He’s been involved in everything from crashes to rising rallies, and his most recent move could be another example of the same.
Musk’s decision to change Twitter may affect the trajectory of the price of Dogecoin.
Elon Musk has lately begun the rebranding of one of the most popular social media networks. After acquiring Twitter for $44 billion in October of last year, he stated that his ultimate aim is to transform it into “X,” an everything app. In the last 24 hours, the platform’s logo, which previously featured a blue bird, was altered to an X.
— Elon Musk (@elonmusk) July 23, 2023
The inspiration behind this move came about in 1999 when Elon Musk and a few of his associates established the online bank x.com. While the bank was subsequently sold and changed into PayPal, Musk repurchased the x.com domain, which now transmits users to Twitter.
Furthermore, in a recent interview, Musk, the owner of Twitter and soon-to-be “X,” stated that if the transition and development of “X” are done correctly, it will become half of the global financial system. However, no additional remark has been made or details about the plans have been published.
Imagining how it could impact the price of Dogecoin is not too difficult. Elon Musk is also known as the “DOGEfather” in the cryptocurrency community. This is because of his role in the rally that the meme coin experienced one year ago. His endorsement of the same on Twitter significantly boosted DOGE’s market value. When you add up the facts, you might find yourself anticipating a Dogecoin price hike.
Dogecoin pricing was trading at $0.0749 at the time of writing, up slightly more than 4.5% over the previous day. The response has been unimpressive, especially when compared to October 2022, when the altcoin soared by 160% in under 10 days. While a repeat of the same is improbable, breaching through some critical levels could result in a rally.
On the weekly chart, DOGE has been in a downtrend for about nine months at this point. Breaking this downtrend will allow the cryptocurrency to rise to $0.1590, representing a strong 110% rise. But given how volatile the market is, this is solely a possibility and not a certainty.