Elon Musk Incorporates Dogecoin Symbol In Twitter Bio, Triggering 5% Increase In Price

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. However, this was not the end of the changes as Musk also changed his Twitter bio to display the Dogecoin symbol. 

Elon Musk Highlights Dogecoin In Recent Changes

On Monday, Elon Musk changed his Twitter location to “XД, X for the new Twitter logo, and Ð for Dogecoin’s logo, sparking speculations about a possible integration of Dogecoin into the Twitter platform.

This isn’t the first time Musk has promoted DOGE and caused a stir in the crypto community, as he has tweeted about the meme coin several times in the past. With almost 150 million followers on the social media platform, Musk’s tweets garner a huge amount of attention. So when he mentions specific companies or cryptocurrencies, it often leads to big price swings. 

Musk changes profile to include DOGE symbol | Source: Twitter

His tweets in the past have triggered double-digit percentage increases in the price of Dogecoin in particular. This time, Musk’s support seems to have had more of a subtle price reaction. 

Following the implementation of the new bio, the price of Dogecoin shot up more than 5%. Trading volume on exchanges also increased drastically as investors rushed to buy the altcoin. According to Coinmarketcap, Dogecoin has seen a total increase of 309.19% in trading volume in the past 24 hours. 

Dogecoin was created as a “meme currency,” but has since developed its own very passionate community and following, including Elon Musk, who is one of the world’s richest men.

Will The New Twitter X Support DOGE?

There’s a good chance that Twitter (now X) may incorporate Dogecoin payments into its platform, especially given Musk’s continuous support. As Twitter’s largest shareholder, Musk could push for the social media company to incorporate the meme coin into its ecosystem. This will enable users to seamlessly make payments on the site using Dogecoin, which may attract more crypto investors to the platform and boost user engagement.

However, there are a few roadblocks in the way. More stable cryptos like Bitcoin and Ethereum are starting to be accepted as payment methods in various aspects of the world. However, altcoins like Dogecoin are still very volatile with little utility and there are questions about its stability before Twitter (X) seriously considers it as an official payment method.

At the time of writing, DOGE is trading at $0.07535, a quick increase from its price of $0.07081 earlier in the day.

DOGE price jumps 5% following Musk's Twitter profile update | Source: DOGEUSD on TradingView.com

Featured image from Coinmarketcap, chart from TradingView.com