DOGE became one of the top gainers today after Elon Musk rebranded Twitter as X.
The meme token gained as much as 10%, topping a two-month high of $0.077.
The demand for Dogecoin increased after Musk briefly displayed its dog-themed logo in his Twitter bio.
Traders also rushed to invest in multiple namesake tokens leading to triple-digit gains.
Dogecoin (DOGE) witnessed double-digit gains earlier today after Elon Musk rebranded Twitter as X. Musk, who bought Twitter in October last year, has owned the domain name X.com since 2017 and previously revealed his plans to turn it into “the everything app”. The domain name now redirects users to Twitter and is part of the billionaire businessman’s broader plan to turn the social networking platform into what he envisions as “the most valuable financial institution in the world.”
Dogecoin Reaches Two-Month High Of $0.77
Elon Musk took to Twitter recently to announce his social networking platform’s new identity. The rebranding included the X logo featured on Twitter’s homepage, replacing the iconic blue bird logo.
X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine.”
Shortly after the announcement, traders scrambled to buy up DOGE, anticipating some role for the meme token in Twitter’s overhaul. The memecoin gained as much as 10%, reaching a two-month high of $0.77. At the time of writing, DOGE was trading at $0.75. The buying frenzy led to a 374% increase in the memecoin’s daily trading volume, which topped $1.38 billion.
The rebranding to X also led to several namesake tokens witnessing triple-digit gains. Data from CoinMarketCap shows that the price of one X token increased by a whopping 313%. Another token, X AI, which didn’t even exist till last week, gained more than 166%.
Musk has been vocal in his support for Dogecoin, going as far as enabling DOGE payments on The Boring Company, an online store that previously sold flamethrowers, perfumes, and even Tequila. Several of his cryptic tweets with a subtle hint of the dog-themed memecoin have sent its price soaring in the past.
Following the announcement of X, he even displayed Dogecoin’s logo in his Twitter bio briefly. In early April, members of the crypto community on Twitter reported that they could see the dog mascot of the meme coin instead of Twitter’s logo on their homepage.