Elon Musk’s favorite cryptocurrency grew by more than 9% due to Twitter renaming

Dogecoin rose by 9.2% after Elon Musk announced the renaming of Twitter to X. In addition to the changes on the website, the headline on Musk’s own Twitter account was also changed.

At the time of writing, DOGE is trading at $ 0.077, up 11.8% over the week. The coin’s market capitalization amounted to $ 10.8 billion. Traders made daily trading deals worth $ 2.3 billion. Musk’s actions have previously led to an increase in the value of Dogecoin, which recently even led to accusations of insider trading.

Twitter’s reorganization may also include the integration of payment systems around the world. In a recent interview, the billionaire hinted: «Users will be able to send and receive money through Twitter’s X.»

«X is a future state of unlimited interactivity centered on audio, video, messaging, payments/banking, and creating a global marketplace of ideas, goods, services, and opportunities. Powered byartificial intelligence, X will connect us in ways we’re only beginning to imagine,» said Twitter CEO Linda Yakkarino.

Some Twitter users, including Trust Machines' Chief Marketing Officer Dan Meld, called the new step in the platform’s development «crazy.» Others cited Musk’s success with PayPal as proof of the plan’s viability.

The idea of creating an electronic payment system at the end of the twentieth century seemed like a «bold adventure» to most people. Nevertheless, Musk’s financial company X.com merged with Confinity, a digital wallet startup. In 2002, the company rebranded itself as PayPal and was acquired by eBay. In its initial public offering, the company raised $ 6.1 million at a price of $ 13 per share. In 2021, according to a Morning Consult study, PayPal was ranked second in the world in terms of brand trust.