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.
Within hours of the rebrand, DOGE climbed by 8% to trade at $0.0771 after weeks of seemingly inactivity. The rally puts DOGE as the seventh largest virtual currency, with a market capitalization of $10.8 billion above Cardano (ADA) and Solana (SOL).
The meme coin began its rally after Twitter’s owner Elon Musk added Dogecoin’s logo to his bio minutes after the rebrand. The move triggered a wave of speculation among community members that DOGE will play a significant role in the newly rebranded micro-blogging site and possibly go up to the much-coveted $1 price.
It is widely expected that DOGE will serve as the primary means of payment in the new “everything app” X, a sentiment shared across the digital asset community since Musk took over the platform. Given the success of the Bitcoin (BTC) tipping feature, Dogecoin’s community is rippling with enthusiasm that a similar feature will be rolled out on the platform leveraging the meme coin.
In the weeks leading up to the rebrand, Dogecoin whales have steadily bolstered their holdings. Data from IntoTheBlock indicates that whales snagged up 3 billion DOGE worth $225 million, laying the foundation for a future surge for the token.
Musk has been nursing ambitions to transform Twitter into a super app in the same mould as the Chinese social media platform WeChat. Musk enlisted the services of Linda Yaccarino in May to serve as the platform’s CEO to bring his vision to reality, making X the default app for mobile users.
“If you’re China, you kind of live on WeChat, it does everything,” said Musk. “It’s sort of like Twitter, plus PayPal, plus a whole bunch of other things. And all rolled into one.”
Musk is no stranger to jarring changes since taking over the reins at Twitter with the Tesla CEO increasing the number of premium users on the app, cracking down on bots, and laying off a chunk of employees.
Not the only one riding the wave
DOGE is not the only virtual currency riding the wave of Twitter’s rebrand to embark on a rally. A cross-section of XRP’s community interpreted the X rebrand as a nod to their “victory” over the U.S. Securities and Exchange Commission (SEC).
Barely hours after the rebrand, virtual currency investors sunk funds into an unrelated X token, sending prices up by over 2,000%. X, the native token of the X NFT marketplace, surged on the backs of the rebrand, with speculators hoping to make a quick buck.
Other assets failed to latch onto the wave, with BTC falling below the $30,000 mark and SOL slumping by over 10%. Ethereum (ETH) and Polygon (MATIC) recorded their fair share of losses in what experts speculate to be a long week for the ecosystem.
