Listen to the Article: Dogecoin Skyrockets, Twitter Renamed "X.com" - What's Elon Musk Up To?

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Did you hear that Elon Musk renamed Twitter to "X"? Well, I have a question for him: Y? LOL, enough dad jokes today. But seriously, let's talk about some of the crazy moves that Elon Musk has been pulling lately.

(By the way, if you missed our previous posts, we covered how Elon Musk became the owner of Twitter and what he did on his first day. You can check them out here: "Elon Musk Owns Twitter Now, But Will He Live up to His Words?​" and "How Was Elon Musk's First Day as Twitter's Owner? Apparently There's A Lot to 'Sink In'​")

First of all, there's his mind-blowing decision to rebrand Twitter​. Last Sunday (July 23), Elon Musk dropped a bombshell with a tweet - or should I say "Xcreet" (?) - anyway, he tweeted that "soon we shall bid adieu to the Twitter brand and, gradually, all the birds." On the other hand, Musk's love affair with Dogecoin seems to be going strong. "If done right, X would become half of the global financial system," said Musk in an interview. Then, someone spotted that he added the symbol of dogecoin "Ð" behind his X logo on his Twitter bio, which stands for this meme coin. Dogecoin's price skyrocketed from less than $0.07 to around $0.08 between July 24 and 26, a jump of more than 10%.

Twitter Rebranding: Will This Kill the Secret of This Social Media Giant?

Brand names are often the secrete to success, especially for a platform like Twitter, whose original name has become part of modern internet pop culture. So will Musk's move wipe out Twitter's 15 years of brand value and start from zero? 

This global mogul has always had a thing for the letter X. The online bank X.com he founded in 1999 was one of the predecessors of the payment giant PayPal; in addition, as the founder of his electric car brand Tesla, he also has a Model X; not to mention his son, whose official name is "X Æ A-12 Musk", is also often called X. 

However, Twitter founder Jack Dorsey didn't have a totally negative view of this radical brand makeover. Rebranding is common in many industries, especially among forex brokers and crypto exchanges, where Fazzaco has reported on a number of rebranding stories from Admirals, AlgoTrader, Huobi, Invast Global and others. In Dorsey's view, the Twitter brand image has been burdened with a lot of baggage, so what matters is what it can offer users, not what it is called. Therefore, he thinks Musk's rebranding is not necessary, but understandably justified.

Musk's Twitter Rebranding Will Have a Huge Impact on Dogecoin Price Trends and Future Development

As mentioned above, Dogecoin's price rose from $0.07 to $0.08 between July 24 and 26, an increase of 14.28%. Compared to the price spike in October 2022, this seems insignificant, as the coin surged by 160% at that time. Therefore, the chance of another such massive price increase is not very high. But some analysts believe that after months of price declines in the crypto winter, Dogecoin may see a 110% increase under the influence of Musk's renaming Twitter. 

Besides the token price, the crypto community seems more interested in some hints that Musk has dropped about Dogecoin's future. For example, he once mentioned that "X would become half of the global financial system", and quietly placed "X" and "Ð" side by side on his bio page, as well as hashtagged "#dogecoinpayment", which inevitably makes people link the two. Raoul Pal, founder of the crypto forum Real Vision, also tweeted yesterday that Musk's intention this time was to make Dogecoin a payment method for global creators on the Twitter (or X.com), especially since Musk himself already holds a lot of the altcoin.

So far, Musk has not made any more detailed comments on his renaming of Twitter and his claim that he wants to make X half of the global financial system in the future. But there must be some strategic intent behind it. From what he has shown so far, perhaps he wants to use the new X.com platform to make Dogecoin a global social payment tool, thereby enhancing its practical value and influence. 

But to do that, there is one question that also lies before him: can Dogecoin get rid of Musk's personal influence and become a truly decentralized and democratic project?