Musk Rebranding Twitter Accelerates Chances of a DOGE Pump by 23,200%?

Musk Rebranding Twitter Accelerates Chances of a DOGE Pump by 23,200%?

Key Insights:

  • Twitter has rebranded to "X." 
  • Elon Musk wants to transform it into an "everything app."
  • There are expectations that DOGE could benefit from the rebrand
  • DOGE pumped after Twitter's rebrand and could further increase.

Twitter has officially been rebranded as "X" on Monday. This is the latest strategic move by Elon Musk for the social media platform, who hinted at the change — via a short video yesterday.

Although the usual website remained live, the logo of the social platform has changed. Once a world-renowned bird logo, the new update is simply an "X."

He mentioned at a Twitter Spaces session,

"We're cutting the Twitter logo off the building with blow torches."

The decision has been met with many split opinions globally but is one that Musk has teased in the past. Yet, many must understand why he would rename an iconic social platform.

Why Did Twitter Turn to X?

"And soon we shall bid adieu to the Twitter brand and, gradually, all the birds." 

More than mere words, Elon made another step in his pursuit of an "everything app" that can, well, do everything.

The rationale is for the app to be able to incorporate audio, video, messaging and payment services just like the Chinese app WeChat.

Twitter: Everything app
Twitter: Everything app

The idea for the name "X" wasn't born yesterday but has been nurtured over time. Julie Anderson, a former PayPal executive and co-worker of Musk, once wrote about it. 

From (PayPal) to SpaceX (Tesla car model) to xAI (his A.I. start-up) to X (Twitter), Musk has always had a thing for the 24th letter of the alphabet.

After he bought the domain from PayPal in 2017, he mentioned how "it has great sentimental value to me."

The CEO, Linda Yaccarino, also shared her thoughts on the rebrand. She was equally bullish about the future of the social platform.

Linda Yaccarino
Linda Yaccarino

To some, this move is a response to the advent of Threads, which is financial and strategic. To others, this is an opportunity to breathe life into the platform that has struggled since he bought it for $44 billion last year.

Elon has been known to be a massive influencer, like when he did the DOGE thing.

Can Elon Push DOGE Price Like Before?

Over the past few years, the "Elon Musk effect" appears to have been reducing. His outbursts, tweets or statements haven't had a tremendous impact like before.

Nonetheless, about three weeks ago, the price of DOGE went up by more than 4%. This occurred when Musk announced that the cage fight between him and Mark Zuckerberg would happen in Colosseum. 

Today, after the announcement of Twitter's rebrand, DOGE pumped by about 5% and traded at $0.075. This is in addition to the 6.24% increase across the past seven days and the 11.34% in the previous month.

How Is DOGE Price Faring?

With Elon's latest activity, DOGE is shaping up nicely and could have another big price jump. 

Furthermore, according to on-chain market analyst Ali, Dogecoin has formed a descending triangle on the monthly chart.

The analyst indicated that the last time a scenario like that occurred, the meme coin surged by more than 23,200%.

DOGE price analysis
DOGE price analysis

The descending triangle on the monthly chart setup is uncommon and suggests a potential upswing. The analyst concluded that he would monitor the movement for a monthly close above $0.08.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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