Elon Musk’s ‘X’ Twitter Bio Sparks Dogecoin Speculation

A subtle change in Elon Musk’s Twitter bio following the rebranding of his platform to “X” has reignited rumors that Dogecoin may have a future on the platform.

On July 25, Twitter (now X) users began pointing out that Elon Musk’s profile location now features both an “X” and a “D with X referencing Twitter’s new branding, while D has been interpreted to mean Dogecoin, a memecoin he has previously publicly supported.

Other observers, such as the chief executive officer of Real Vision, Raoul Pal, came to a similar conclusion but for different reasons.

In a July 25 tweet, Pal predicted that eccentric billionaire Elon Musk would use Dogecoin to make global payments to creators on the platform, noting that Musk “owns a big chunk of it anyway” and “he likes it.”

When questioned as to why Musk would not create his platform-specific token for these payments, Pal indicated that Dogecoin could help Musk circumvent securities laws and provide him with “zero execution risk.”

Twitter’s rebranding to X was announced with little forewarning on July 24 at 10 a.m. UTC.

Musk’s mention of Dogecoin and the subsequent speculation resulted in a minor price increase for the memecoin, which reached as high as 5% according to TradingView data.

Currently, it is trading at $0.07, up 9.5% over the past week.  eToro market analyst Josh Gilbert stated that while the rebranding could result in a short-term rally for Dogecoin, Musk’s move could also have long-term effects on the cryptocurrency market.

“It does have short-term implications for crypto as it affects markets. “However, Musk’s plans to build payment networks using his platform could soon compete with Ethereum, Bitcoin, and others in the long run,” Gilbert explained.

“While the market interprets Musk’s decisions, investors should avoid being distracted by short-term events and instead focus on longer and broader trends,” Gilbert advised.