By
Bhushan Akolkar
May 9th, 2024
Over the last 30 days, Dogecoin has seen a surge of nearly 10%, including a 1.3% rise against the US dollar in the preceding week alone.
The cryptocurrency market is abuzz with excitement as Dogecoin (DOGE) is experiencing a remarkable surge following Elon Musk‘s surprise Twitter rebranding announcement on June 24. The visionary entrepreneur and CEO of Tesla and SpaceX has once again demonstrated his ability to sway investor sentiment with his social media antics, further solidifying his influence over the digital asset space, particularly with DOGE.
Musk’s recent Twitter moves centered around Twitter’s logo rebranding to X.com, which he unveiled with a cryptic video teaser. The tech mogul also changed his Twitter profile picture to a simple white X on a black background, adding to the intrigue. Alongside these changes, Musk playfully incorporated the Dogecoin symbol, Ð, alongside the letter X in his Twitter location, sending excitement through the Dogecoin community.
The impact of the news from Twitter on DOGE price was swift and substantial. Within hours of Musk’s engagement, the meme crypto witnessed a surge of nearly 10%, climbing from 0.07144 to 0.07785, according to CoinMarketCap data, reaching levels not seen since early May. The spike in value has reignited enthusiasm among Dogecoin holders and traders as they closely monitor the token’s movement in response to Musk’s announcements. It also reaffirms Dogecoin’s position as the top meme coin in the market, climbing to the eighth position among all cryptocurrencies and boasting a remarkable market value increase of over $1 billion.
Elon Musk Declares Support for Dogecoin
While Dogecoin started as a playful joke inspired by the popular “Doge” meme, it has become a significant player in the digital currency market. Its active and devoted community has been instrumental in promoting its adoption and popularity. Musk’s support for Dogecoin further reinforces its position as a beloved cryptocurrency with real potential in the crypto space.
During the Wall Street Journal CEO Council Summit in Q2 2023, Musk openly expressed his affection for Dogecoin, declaring it his favorite cryptocurrency. According to the billionaire tech mogul, he was drawn to Dogecoin’s potential as a digital asset and its whimsical and humorous nature. However, Musk quickly emphasized that he does not provide financial advice, especially regarding cryptocurrency investments. Despite his appreciation for Dogecoin’s playful charm, he urged investors to exercise caution and make informed decisions when navigating the highly volatile crypto market.
Dogecoin Market Volume Reaches $16.29 Billion
Dogecoin’s bullish performance has been remarkable, with its market value surging to an impressive $16.29 billion as of July 24, a significant leap from the previous month’s $15.54 billion. Over the last 30 days, Dogecoin has seen a surge of nearly 10%, including a 1.3% rise against the US dollar in the preceding week alone. Elon Musk’s Twitter antics continue to be a driving force in the crypto community, keeping Dogecoin at the forefront of discussions and captivating the attention of investors and enthusiasts alike.
The crypto asset reacted similarly in April when the Tesla CEO updated the Twitter icon with the Dogecoin symbol, further fueling speculation about the future integration of DOGE and other cryptocurrencies into the platform.
Meanwhile, market experts are closely watching the transition of Twitter to X.com, as they believe it could pave the way for a positive trend for Dogecoin. Unofficial sources have even hinted at the possibility of X.com becoming a hub for digital asset transactions, creating a fascinating intersection between social media and virtual currencies.