Goodbye Blue Bird: Elon Musk’s “X” Move Leads to a Rise in DOGE Price Rally

• Today, after Elon Musk changed the Twitter logo to “X,” he also changed the Twitter location to “XÐ.”
• This event coincides with the spread of rumors that Twitter is considering accepting Dogecoin as payment.
• Binance CEO Changpeng Zhao expressed surprise that Dogecoin has not disappeared and speculated that Musk’s joke currency may have contributed to its continuous existence.

Twitter’s blue bird is gone: Elon Musk’s change of Twitter logo to X and the Dogecoin detail caught the attention of the community.

Elon Musk Changed Twitter’s Logo to “X”

Elon Musk has long been supporting cryptocurrencies, especially Dogecoin (DOGE). It is unknown how his tweets and statements have influenced the price of DOGE. Today, immediately after Musk changed the Twitter logo to “X,” he also changed the Twitter location to “XÐ.” Here, “X” represents Twitter’s new logo and “Д represents the symbol of Dogecoin.

It is unknown why Musk decided to update the Twitter location to include the Dogecoin symbol. However, it is more likely that he is trying to express his support for cryptocurrencies. This event coincides with the spread of rumors that Twitter is considering accepting Dogecoin as payment.

Crypto players also recognize Musk’s contribution to the success of Dogecoin during this period. For example, Binance CEO Changpeng Zhao expressed surprise that Dogecoin has not disappeared and speculated that Musk’s joke currency may have contributed to its continuous existence.

Especially after Musk announced a new financial structure for the social media site, there are more rumors about Dogecoin possibly taking on a new role in the Twitter ecosystem.

DOGE Price Showed a Rapid Rise

As expected, after the logo change and location update, the price of Dogecoin entered a strong bull run. At the time of writing, it is trading at $0.0740, with a 4.36% increase in one day. Dogecoin maintains its position as the largest meme coin by market capitalization and occasionally exhibits signs of renewed interest.

The meme-based cryptocurrency became the eighth largest cryptocurrency after adding more than $1 billion to its market value this week. This rapid increase in market value raised Dogecoin’s market value to over $10 billion in just one week, with an increase of over 6%.

While speaking at the Wall Street Journal CEO Council Summit, Musk explained why this joke currency is his favorite cryptocurrency. Musk said his interest in Dogecoin is more related to its humorous side rather than its potential in the cryptocurrency market.