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Dogecoin adds $1B to its market cap following Twitter rebrand to X

Musk has said that X has the potential to encompass “half of the global financial system” if successful, driving investors to Dogecoin.

Musk moves fast. Since acquiring Twitter in October 2022, the self-declared free speech ‘absolutist’ has flipped the platform on its head, rebranding to ‘X’. Dogecoin, Musk’s “fav crypto” has seen healthy gains in the days since, adding a massive $1.1 billion to its market cap since June 19. 

Twitter/X officially said ‘adieu’ to its iconic blue bird logo on June 23 in exchange for the suave new black-themed ‘X’ logo. Doge pumped 8.41% in the 24 hours following, rising from $0.0702 to $0.0761, inching closer to the psychological mark of $0.08. 

X is seemingly Musk’s lucky letter (it may have something to do with the fact that X represents the unknown variable), and he’s held onto the domain since 1999, when it was linked to his first online bank startup before it later became PayPal. 

Read more: Twitter, Inc is now called X Corp – what does this mean for Doge?

Twitter formally changed its corporate name to X Corp back in March, and Musk has not exactly been subtle about what ‘X’ will be. Since 2021, he’s tweeted various times that the long-term plan is to transform Twitter from a social media platform to an ‘everything’ app. 

An ‘everything app’ is an application that provides multiple functions and features within a single platform, from communication to entertainment to facilitating payments. China’s WeChat is a good example of an everything app. On WeChat, users can send text and voice messages, make payments, book flights, order food delivery and play games. 

CEO-to-be Linda Yaccarino cemented suspicions earlier today, tweeting that X will “transform the global town square.”

Many have speculated that Doge will be the preferred payment network of X as it shifts toward becoming the everything app. In May 2021, Musk tweeted that he has been “working with Doge devs” to improve the efficiency of the Doge transaction system.

When a Dogecoin UI/UX designer tweeted Musk implying the theory of ‘X’, Musk replied with a simple ‘yup’. 

It’s notable that Tesla only accepts Dogecoin as cryptocurrency. Although the company announced it would start accepting Bitcoin as payment for its cars in 2021, it eventually backtracked.

The Dogecoin ‘D’ also appears in Musk’s Twitter bio.

Read more: Why Has Doge Replaced the Twitter Blue Bird?

In a recent episode of Real Talk with Zuby, Musk confirmed that payments will be coming to X later down the road, in addition to encrypted voice calls. “If done right,” he said, “X would serve people’s financial needs to such a degree that over time, it would become maybe half of the global financial system.”

“It’s just the most efficient database for the thing that is money. The least amount of fraud, everything’s real time.”

Crypto Twitter responded with a mixed bag of emotions. While some insisted they’ll continue to call it Twitter, others jokingly asked “will tweets now be called Xes?’. 

Other welcomed the change as the new norm, tweeting, “GM Crypto X”.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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