Elon Musk's actions yet again have a direct impact on DOGE price.
A minor modification in Elon Musk's Twitter bio, following the platform's rebranding to "X," has led to speculations about the possible implications of Dogecoin (DOGE).
After the platform rebranded to "X," users observed that Musk's Twitter profile location now displayed an "X" and a "Ɖ." The "X" likely refers to Twitter's new name, while many believe "Ɖ" stands for Dogecoin, a cryptocurrency Musk has supported before.
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Eagle-eyed Twitter users were not the only ones noticing the changes and drawing correlations to Dogecoin. Similar assumptions were raised by other X users, like Real Vision CEO Raoul Pal.
On July 24th, Pal posted a tweet suggesting that Musk may use Dogecoin as a global payment method for creators on the platform.
When questioned about the possibility of Musk creating a unique token for these payments, Pal proposed that Dogecoin could help Musk avoid securities laws, eliminating any "execution risk."
Josh Gilbert, a market analyst at eToro, claims that Musk's action could have both immediate and long-term effects on the crypto market.
It does have implications for crypto in the short-term as it moves markets. But it's in the long-term as Musk looks to build out payment networks using his own platform that could soon compete with the likes of Ethereum, Bitcoin, or others.
Gilbert also suggested that investors should focus on long-term trends and not get too distracted by short-term events.
Following Musk's reference to Dogecoin and the resulting speculation, Dogecoin's price saw a rather significant increase of over 8% in the last 24 hours. At the time of writing, DOGE retails for $0.0778, recording an almost 11% increase in the last seven days.
It is worth noting that this is not the first time rumors about Dogecoin's implications on Twitter have impacted its price. In October 2022, the speculations about the Twitter crypto wallet made the DOGE price surge as much as 40% in only two days.
