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July 25, 2023 by Lipika Deka
Dogecoin’s price reached a 10-week high following a flurry of new changes in the last few days. Often regarded as the OG meme coin, the token has also witnessed a tremendous surge in its trading volume, with levels last seen in early April. The past weekend, Twitter made headlines after Elon Musk announced the phasing-out of its bird-themed brand in favor of X, the site’s new name.
Shortly after it, Musk made an appearance in a Twitter Space titled “No one talks until we summon Elon Musk” to confirm the logo change was real. When asked why he was changing the logo now, the tech billionaire replied, “It should’ve been done a long time ago.”
On July 23, recently appointed CEO Linda Yaccarino characterized her vision for X. She described it as “the future state of unlimited interactivity—centered in audio, video, messaging, payments, and banking—creating a global marketplace for ideas, goods, services, and opportunities.” In all these, a bigger question looms about the role of crypto on the new site.
Elon Musk’s New Bio Has Dogecoin In It
The concept for X originated twenty years ago. Elon’s second venture was a financial services website called X that aimed to become the first digital bank on the Internet. In the end, Peter Thiel’s Confinity and the original X merged to establish PayPal.
PayPal attempted to launch its own Internet-based currency at the time, but it was never successful. Coincidentally, Bitcoin and Dogecoin appeared a decade and a few years later, respectively. With both currencies’ popularity continuing to expand throughout this time, experts believe the groundwork is now in place for digital money to establish itself as the first online bank.
Most significantly, hawk-eyed onlookers noticed Musk’s slight alteration in his latest Twitter bio, which now includes the symbols “X” and “D,” and they hypothesized it has something to do with the meme coin. X is thought to be a reference to Twitter’s new logo, while D is interpreted as Dogecoin, which he previously showed support for in public. One user excitedly wrote,
With all this in mind, it’s hard to imagine a more bullish development for Doge than the arrival of X. The most interesting place on the Internet is entering a new era, and Dogecoin has never felt more inevitable than now. The bird has served Twitter well over the years. May Doge rise ascendant in its place!
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