Dogecoin Price Soared After Elon Musk Changed Twitter's Name To X

DOGE prices experienced a significant increase. (Photo; Doc. Unsplash)

JAKARTA - The global digital asset market weakened on Monday, July 24, however, in the spotlight of massive selling actions and increased selling pressure, there was one crypto that managed to record a green index, Dogecoin (DOGE).

The increase in DOGE prices has almost 5% in the last 24 hours made it one of the top gainers among other cryptocurrencies. In addition, DOGE's trading volume also experienced a large jump of 353% reaching 1.3 billion US dollars (IDR 19.5 trillion). At that time, DOGE was trading at an average price of IDR 1,126 per coin.

The increase was triggered by Elon Musk's decision to change the name of Twitter's social media platform to X. This move received a positive response from fans of the Dogecoin meme coin. Some time ago, Elon Musk was also known to have changed the Twitter logo with the Dogecoin logo overnight. This shows Musk's support for the world's largest meme coin.

The data show that the decision to change the name was also responded positively to by the owner of DOGEcointerbesar, commonly called a whale or a crypto whale. According to a Coingape report, one of the crypto analysts named Ali, revealed that the Dogecoin whale had accumulated for the past three weeks.

Whales made a profit of about 3 billion Dogecoin worth $225 million during that period. This massive accumulation is believed to be the main factor driving DOGE prices to jump more than 12% in the last 30 days.

Elon Musk's decision to change Twitter's name to X also provides fresh air for Dogecoin holders amid high selling pressure in the global digital asset market. On Monday, July 24, 2023, Twitter owners realized Musk's vision of changing Musk's logo, name and domain of Twitter according to the plan.

Observers are now speculating whether this step will open up new opportunities for Dogecoin. One of the speculations that emerged was whether Musk had new plans to integrate DOGE on his new platform, X.com.

Over time, Dogecoin has been in the main spotlight in the crypto world thanks to the support and comments provided by Elon Musk. This impressive increase in DOGE prices certainly gives fans hope to continue to follow further developments regarding the possibility of using DOGE on Musk's X platform.