A subtle change in Elon Musk's Twitter bio after his platform rebranding to "X" has once again fanned the flames of speculation: that Dogecoin (DOGE) may have a future on the platform.
On July 25, eagle-eyed Twitter users (now X) began pointing out that Elon Musk's profile location now displays both an "X" and a "D," with X referencing Twitter's new branding, while D has been interpreted to stand for Dogecoin, a memecoin he has publicly endorsed in the past.
Did anyone else notice the Dogecoin (ฦ) symbol at Elon Musks' location? pic.twitter.com/Y1OGT42hD2
โMorgan (@Helloimmorgan) July 24, 2023
Other observers, such as the CEO of Real Vision raoul pal came to a similar conclusion, albeit with a different reasoning.
In a July 25 tweet, Pal said Musk would most likely use Dogecoin to make global payments for creators on the platform, noting that the eccentric billionaire already "owns a big chunk anyway" and "likes it."
Two things I said when Elon bought "X":
Elon bought it for the AI, and the free speech angle is to give him an unbiased model. He needs the AI โโto train the robot Optimus.
It will use cryptocurrencies to be able to make global payments for creators, etc. I assume you use Doge. 1/
โ Raoul Pal (@RaoulGMI) July 24, 2023
When asked why Musk wouldn't create his own platform-specific token for these payments, Pal suggested that Dogecoin could help Musk circumvent securities laws, giving him "zero execution risk."
Twitter's rebrand to X came with little warning on July 24, officially making the crossover at 10am UTC. Musk's reference to Dogecoin and the resulting speculation managed to gain a small price gain for the memecoin, which rose as much as 5%, according to data from Trading View.
It is currently trading at $0.07, up 9.5% in the last seven days.
Related: Elon Musk Will Change Twitter's Name To X, But Crypto Twitter Has Other Ideas
In comments emailed to Cointelegraph, eToro market analyst Josh Gilbert said that while the rebrand may provide a short-term rally for Dogecoin, Musk's move could also have significant impacts for the crypto market in the long term.
โIt has implications for cryptocurrencies in the short term as it moves the markets. But it is for the long term as Musk looks to build payment networks using his own platform that could soon compete with Ethereum, Bitcoin or others,โ Gilbert explained.
"While the market reads the tea leaves of Musk's election, investors are better off not getting distracted by short-term events and focusing on longer, broader trends," Gilbert said.
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