Reading Elon Musk’s ‘tea leaves’ — Is Dogecoin coming to Twitter?

Subtle changes in Elon Musk’s Twitter bio following the rebranding of his platform to “X” have again fanned the flames of speculation – that Dogecoin (DOGE) may have a future on the platform.

On July 25, eagle-eyed Twitter user (now X) began pointing out that Elon Musk’s profile location now displays an “X” and “D” – with the X referring to Twitter’s new branding, while D having been interpreted as Dogecoin – a memecoin he has publicly endorsed in the past.

Others noticed the Dogecoin (Ɖ) symbol on Elon Musk’s location

— Morgan (@Helloimorgan) July 24, 2023

Other observers, such as Real Vision CEO Raoul Pal have come to similar conclusions, though for different reasons.

In a July 25 tweet, Pal said Musk would most likely use Dogecoin to make global payments for creators on the platform, noting that the eccentric billionaire already “owns most of it” and “he loves it.”

Two things I said when Elon bought “X”:

Elon bought it for AI, and the free speech angle was to provide an impartial model. He needs an AI to train the Optimus robot.

He will use crypto to be able to make global payments for creators, etc. My guess is he used Doge. 1/

— Raoul Pal (@RaoulGMI) July 24, 2023

When asked why Musk didn’t create his own platform-specific token for these payments, Pal suggested that Dogecoin could help Musk get around securities laws, giving him “zero execution risk”.

Twitter’s name change to X came with little warning on July 24, officially carrying out the crossover at 10am UTC. Musk’s reference to Dogecoin and the resulting speculation managed to score a small price increase for memecoin, which rose as high as 5%, according to data from TradingView.

It is currently trading at $0.07, up 9.5% over the last seven days.

Related: Elon Musk is about to rebrand Twitter as X, but Crypto Twitter has other ideas

In comments emailed to Cointelegraph, eToro market analyst Josh Gilbert said that while the rebrand could provide a short-term rally for Dogecoin, Musk’s move could also have a significant impact on the crypto market in the long term.

“That does have implications for crypto in the short term as it moves the market. But that is in the long term because Musk wants to build a payment network using his own platform that can quickly compete with Ethereum, Bitcoin or others,” explained Gilbert.

“While the market reads the tea leaves of Musk’s preferences, it is better for investors not to be distracted by short-term events and focus on longer, broader trends,” said Gilbert.

Magazine: How smart people invest in stupid memecoins — 3 point plan for success

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