The price of $DOGE is up 5% this morning after Elon Musk added it to his X profile.
Musk, renowned for being a Dogecoin enthusiast added the symbol to his location, ‘XÐ,’ where ‘X’ symbolises Twitter’s new name and the ‘Ð’ represents Dogecoin.
As expected, members of the meme community are absolutely loving Musk’s latest antics and support for Dogecoin.
X may extend support to crypto
Recent reports suggest that X is poised to enable the buying and selling of cryptocurrencies, including Dogecoin.
Considering Musk’s vision for the app, there may be some truth to these reports. The world’s richest man had always made his intentions of launching “X, the everything app” even before he purchased twitter.
After acquiring Twitter, Musk said that “buying Twitter is an accelerant to creating X, the everything app”.
From its tag – ’the everything app’ – X is expected to be a multifunctional super app, resembling the Chinese WeChat, that integrates messaging, social media, payments, and operates independently from ad-based revenue.
Given Musk’s long standing advocacy for cryptocurrencies, the possibility of X supporting crypto transactions appears quite likely.
The Musk Effect
Elon Musk has gained a reputation for his frequent tweets about Dogecoin, often sharing memes and jokes related to this meme-inspired cryptocurrency.
These tweets tend to draw substantial attention and generate increased interest in Dogecoin, subsequently leading to price surges. One notable instance was in 2021 when Musk appeared as a guest host on Saturday Night Live (SNL) and playfully referred to himself as ‘The Dogefather’, mentioning Dogecoin humorously during the show.
In yet another instance of Musk’s influence, Dogecoin surged by 25% from $0.1623 to $0.2029 in January 2022 after Musk announced that people could purchase Tesla Merch using Dogecoin.
The correlation between Elon Musk’s actions and Dogecoin’s price remains evident in more recent times, as demonstrated by the dip in DOGE following the SpaceX Starship rocket explosion mid air. The memecoin experienced an 8.1% drop in its value after the incident.
