Rebranding Twitter to X Sends Dogecoin On A Rally — Here's Why DOGE Could Explode Soon

At the start of the week, Twitter ditched the bird logo for X in a rebrand that has sent the community buzzing, but amid the chatter, Dogecoin (DOGE) has ridden the wave to go on a strong rally.

Timeline of Dogecoin

Dogecoin price set out on an unexpected rally this week following Elon Musk's decision to rebrand the leading microblogging platform to X from its well-known Twitter brand. The billionaire said that X will extend its service scope to include digital payments, think of it as China's WeChat.

The latest price moves in bitcoin (BTC) and crypto markets in context for July 26, 2023. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

The boss of the popular Twitter blogging app that is now being rebranded into the laconic "X"—the future "everything app"—Elon Musk, has shared a video featuring the new "X" logo of the platform.

In the world of cryptocurrencies, Dogecoin (DOGE) has undoubtedly taken center stage as one of the top performers on the weekly chart. With a surge of interest sparked by the hype surrounding Twitter's rebrand and Elon Musk adding DOGE's symbol to his bio, the meme-inspired coin has garnered the attention of investors.

Dogecoin (DOGE) is once again at the center of excitement in the crypto space. Over the days, the meme-inspired cryptocurrency experienced a remarkable surge, gaining 25% in just two weeks.

While the broader cryptocurrency market has been facing selling pressure, Dogecoin has registered a contrarian move gaining 16%over the last week. As of press time, the Dogecoin (DOGE) price is up by 5% trading at $0.08061 with a market cap of $11.32 billion.

As the Dogecoin (DOGE) community knows, over the past four years, Tesla and SpaceX CEO Elon Musk has been a strong vocal supporter of the highly popular meme-based cryptocurrency, which may have started life as a joke but is today a top 10 cryptocurrency (by market cap).

Just when everyone thought the buzz around Dogecoin was starting to quiet down, Elon Musk reignites it. On July 25, the tech mogul tweaked his Twitter profile, now called X, to read XD.

The cryptocurrency market may be relatively quiet today, but one cryptocurrency has been making waves: Dogecoin (CRYPTO: DOGE). What Happened: At the time of writing, Dogecoin experienced a surge of over 7% in the past 24 hours, trading at $0.080, outperforming other popular tokens such as Shiba Inu (CRYPTO: SHIB) and Pepe Coin (CRYPTO: PEPE) that saw 1.12 and 2% gains respectively since the last day.

Dogecoin remains one of the popular coins despite the crypto bear market and its resilience has seen it garner a significant following. And now, after a long and stretched-out downtrend, a crypto analyst has sounded the buy alarm for the meme coin, giving reasons for this.