$DOGE: Dogecoin Price Surges on Speculation Over Its Potential Use for Payments in X (Formerly Known As Twitter)

In a fascinating turn of events, Dogecoin (DOGE), the cryptocurrency that started as a meme and has since gained a cult following, recently saw a 10% uptick in its price. According to data from TradingView, on Coinbase, earlier today (around 5:35 a.m. UTC), the DOGE price hit a high of $0.07846, up 12.

Timeline of Dogecoin

Renowned economist and investor Raoul Pal has taken to Twitter to share what he believes Elon Musk wants to ultimately achieve on Twitter and what changes he is likely to implement now that the social media platform is being rebranded as the "X" app.

Today, the digital currency ecosystem is on a downward spiral as the combined crypto market cap has plunged by 1.77% to $1.17 trillion. The market slump is all encompassing, but Dogecoin (DOGE) is exhibiting defined bullish momentum as the only green crypto in a sea of red.

The $DOGE rally is seemingly being driven by the interesting interplay between Elon Musk and the memecoin. The price of Dogecoin ($DOGE) has surged nearly 6.8% after Elon Musk's rebranding move on July 24.

Following Twitter's rebranding by Elon Musk, the CEO of Tesla and SpaceX, Dogecoin (CRYPTO: DOGE) experienced a surge of interest, with the cryptocurrency gaining 8% in value. What Happened: At the exchange rate of $0.077 per coin, $100 would enable the acquisition of approximately 1287.609 Dogecoin.

Elon Musk's mysterious tweet featuring a single letter "X" sends Dogecoin on a wild ride as the crypto community speculates about a potential rebrand or significant development. The "Musk effect" showcases the power of social media in shaping cryptocurrency trends and market sentiment.

Elon Musk's recent actions are once again fueling excitement in the world of cryptocurrency, specifically for Dogecoin (CRYPTO: DOGE). What Happened: In a seemingly subtle yet significant move, Musk on Monday revamped Twitter's logo from the blue bird to the X symbol.

Elon Musk is, once again, showing his support for Dogecoin in a subtle but meaningful way. Twitter, one of the biggest social media companies now under the leadership of Musk, recently changed its logo from the infamous ‘blue bird' to a seemingly discrete X symbol.

Crypto analyst and trader Ali Martinez has taken to Twitter (or, as it is now called, the "X app") to share some data about whales accumulating tremendous amounts of the original meme coin, DOGE.

Dogecoin was one of Monday's notable gainers, climbing by as much as 5%, following the news that Elon Musk was rebranding Twitter to X. Speculators believe the new platform will allow users to make crypto payments. XRP, on the other hand, fell to a ten-day low.

The Dogecoin (DOGE) meme coin led the blue-chip altcoin pack today, surging 6% to hit a 10-week-plus high of US$0.072 with a market capitalisation of US$10.7bn. The rally eclipsed the world's largest cryptocurrency bitcoin, which is down around 3% day on day.