Benzinga - Elon Musk’s recent actions are once again fueling excitement in the world of cryptocurrency, specifically for Dogecoin (CRYPTO: DOGE).
What Happened: In a seemingly subtle yet significant move, Musk on Monday revamped Twitter's logo from the blue bird to the X symbol. But that wasn’t the only change Musk made.
He also updated his Twitter bio to prominently display the Dogecoin symbol, further solidifying his support for the meme-inspired digital currency.
Elon Musk adds Dogecoin symbol to his bio.
This strategic move didn’t go unnoticed by the crypto community, as speculation grew about the potential integration of Dogecoin into the Twitter platform. It is worth noting that Musk has a history of publicly supporting DOGE, often causing significant price fluctuations with his tweets.
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Why It Matters: The introduction of the new bio had an immediate impact on Dogecoin’s price, resulting in a surge of over 8%. Additionally, the trading volume for Dogecoin experienced a staggering increase of 450.19% within a mere 24 hours, according to data from Coinmarketcap.
After acquiring Twitter for $44 billion, Musk merged it into X Corp., a privately-held corporation. X Holdings Corp. is the parent of X Corp., and no publicly-traded corporation owns 10% or more of either entity’s stock.
In October 2022, just ahead of the purchase, Musk said buying the social media platform was an “accelerant to creating ‘X,’ the everything app.”
Price Action: At the time of writing, DOGE was trading at $0.076, up 7.99% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin See Uptick Ahead Of Fed Policy Meet: Analyst Sees Big Sell-Off For Altcoins, But Says This Crypto Could Be Exception
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