Elon does it again, Dogecoin (DOGE) surged following Twitter’s rebranding to X, and the speculation around linking it to X has set the stage for another price surge. As per the recent development, Elon Musk reposed a nine-second animated graphic of the platform’s newly embraced X logo. Furthermore, the animation, itself, was sourced from DogeDesigner, which is the UI/UX and Graphic Designer at Dogecoin and MyDoge. Musk also made the addition of a Dogecoin symbol to the location field of his bio.
Elon Musk says payments potentially integrated on X "later this year."
Is the Dogecoin army ready?
— Whale (@WhaleChart) July 25, 2023
Is DOGE GOing to the Moon For Real This Time?
Following the developments, the trading price of the token was subject to another increase. At the time of writing, Dogecoin (DOGE) surged by 2.97% within the previous 24 hours, inevitably taking the trading price to $0.08. At the same time, the total market cap of the meme coin currently stands at the $11 billion mark.
The recent surge in value can be directly associated with previous speculations of the token being integrated into Twitter. If that happens, it will revolutionize the way people interact and transact on the platform. Similarly, several analysts believe that the integration might just happen by the end of the year.
With that being said, a number of people believe that whales might just be getting ready for a possible bull run. Not too long after rebranding Twitter to X, Musk stated his plans of evolving the platform for comprehensive communications and the ability to conduct the entirety of a user’s financial world. However, it is still debatable whether or not crypto would play a role in that development.
Dogecoin (DOGE) Future Traders Lose Almost $10M
Based on the data shared by Coinglass, futures traders have lost a whopping sum of approximately $10 million while betting on and against the price movements of Dogecoin (DOGE). Analysts currently believe that the recent rebranding of Twitter to X might result in the masses widely adopting Dogecoin (DOGE) within the upcoming months.
It is believed that advertisers would be able to pay Dogecoin (DOGE) for ads and for other uses on Twitter, as a similar thing was seen when Tesla revealed the ability to pay with the meme coin. A great percentage of people believe that Musk has been involved in falsely manipulating the price of Dogecoin, and has also been accused of insider trading.