Key Insights:
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.
"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.
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 X.com (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 X.com 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.
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.
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.
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%.
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.
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