Dogecoin Hits Two-month Highs
BITmarkets Team
Jul 26, 2023
The price of Dogecoin (DOGE) has climbed to highs unseen in two months towards $0.078 at the time of writing, reflecting the reaction of the crypto community following the Twitter rebranding to “X”.
The popular blue bird of Twitter has been feathered away, only to be replaced by a simple “X” as part of the social media company’s rebranding initiative.
Synonymous with both Twitter and DOGE, Elon Musk added the DOGE symbol to his Twitter bio and since then, DOGE soared more than 11%.
According to Elon Musk:
“Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.
The Twitter name made sense when it was just 140 character messages going back and forth – like birds tweeting – but now you can post almost anything, including several hours of video.
In the months to come, we will add comprehensive communications and the ability to conduct your entire financial world. The Twitter name does not make sense in that context, so we must bid adieu to the bird.”
After getting some mixed reactions from Twitter – now X – users, the Doge bears have been liquidated by the bulls and as more short sellers exit their positions with buy orders, the price of DOGE has been pushed higher, despite significant previous bullish movements.
Sources:
https://cointelegraph.com/news/why-is-dogecoin-price-up-today
