Aaryamann Shrivastava
FXStreet
- Elon Musk rebranded his $44 billion investment to “X,” akin to his online bank X.com from 1999.
- Musk stated that if done right, X would become half of the global financial system.
- Dogecoin price has always been influenced by Musk, who is also known as the DOGEfather.
- A breakout from the nine-month downtrend and rise to $0.1590 would mark a 110% rally.
Elon Musk has been just as big of an influence on Dogecoin price as he has been in the space race. From crashes to skyrocketing rallies, he has had a hand in them all, and his most recent move might become another example of the same.
Musk changing Twitter could influence the trajectory of Dogecoin price
Elon Musk recently began the rebranding of one of the biggest social media platforms. After buying Twitter for $44 billion in October last year, he stated that the end goal is to convert it into “X”, an everything app. This plan came to fruition over the past 24 hours as the logo of the platform changed from the blue bird to X.
— Elon Musk (@elonmusk) July 23, 2023
The inspiration for this move dates back to 1999 when Elon Musk, along with a few of his associates, launched the online bank x.com. While the bank was eventually sold and transformed into PayPal, Musk repurchased the x.com domain, which now redirects users to Twitter.
Furthermore, in a recent interview, the owner of Twitter and soon-to-be “X”, Musk himself, stated that if the transition and development of “X” are done right, it would become half of the global financial system. However, no further comment has been made since or details revealed regarding the plans.
Coming to how it can impact the Dogecoin price is not too difficult to imagine. Within the crypto community, Elon Musk is also known as the “DOGEfather” for his hand in the rally that the meme coin witnessed last year. His endorsement of the same on Twitter played a huge role in increasing DOGE’s market value. Put two and two together, and you have a potential Dogecoin rally at hand.
At the time of writing, Dogecoin price could be seen trading at $0.0749, up by a little over 4.5% in the past 24 hours. The response has been underwhelming in comparison to the past when back in October 2022, the altcoin shot by 160% in less than ten days. While a repeat of the same is rather unlikely, breaching some key levels could result in a rally.
DOGE/USD 1-week chart
As noted by FXStreet analyst Akash Girimath, on the weekly chart, DOGE has been stuck under a downtrend for almost nine months now. Breaching this downtrend would allow the cryptocurrency a rally to $0.1590, which would mark a solid 110% rally. This is, however, only a possibility and not a certainty, considering the volatility of the market.
To know more potential Dogecoin price targets, read - History shows why investors should pay close attention to Dogecoin price now
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