Contents
- After Twitter's Rebrand, Dogecoin Values Soar
- It's FOMC Week
The fascinating dynamic between Elon Musk and the memecoin seems to be fueling the $DOGE surge.
After
Elon Musk's rebranding action on July 24, the value of Dogecoin ($DOGE)
increased by roughly 6.8 percent. Reportedly, Twitter is in the midst
of rebranding to X, which will be followed by revisions to the brand
image and Musk's updated bio description on Twitter, which includes the
letter "D."
After Twitter's Rebrand, Dogecoin Values Soar
Elon
Musk's adoption of Dogecoin as part of the rebranding effort has been
speculated about in light of the latest move. The crypto community is
still unclear about Dogecoin's connection to X.
Twitter's logo
has been altered for short periods of time before. When word spread in
early April 2023 that Twitter had added the Doge logo to its interface,
it caused a flurry of enthusiasm on the social media network. The
popular Doge logo was seen by users on the Twitter homepage.
Dogecoin's price increased by an astonishing 15% as a result of this update.
It's
not only Dogecoin that's seen a meteoric rise; cryptocurrencies with
the letter "X" in their names have seen a similar surge. An especially
famous token, "AI-X," even adopted SpaceX's logo. After the report, the
value of the coin surged by 10%. A token with the catchy name "Deus X"
witnessed a massive increase of 2,600%.
However, Bitcoin seems to
be stagnating. The leading cryptocurrency is now trading about $29,000,
down around 3% in the previous 24 hours.
Without a question,
Elon Musk's unwavering backing has been instrumental in propelling
Dogecoin to the forefront of the cryptocurrency market. Musk's support
has been the memecoin's saviour on several occasions despite the coin's
volatility.
Beyond his comments, Tesla's CEO has actively pushed Dogecoin by taking it as payment at his businesses.
To
facilitate transactions with its consumers, Tesla began accepting
Dogecoin at its charging stations as early as 2022. Musk has shown his
support for Dogecoin as a legitimate currency with this action.
Musk's
other companies are also planning to use Dogecoin, so it isn't only
Tesla. Dogecoin has just gained two major new backers: SpaceX and
Starlink.
It's FOMC Week
While
Musk's Twitter redesign and Dogecoin may get all the attention at the
beginning of the week, the FOMC meeting on July 27 is the real show
stopper. Investors are becoming more and more worried about the prospect
of a Federal Reserve rate hike this month. Interest rate increases have
been signalled by recent Federal Reserve meetings.
The Federal
Reserve has shown little intention to ease up on interest rates despite
recent favourable news on the Consumer Price Index (CPI) and the
Producer Price Index (PPI).
The U.S. Gross Domestic Product (GDP)
report on July 27 and the U.S. Core Personal Consumption Expenditures
(PCE) data set on July 28 are both major economic indicators that people
will be watching closely in addition to the FOMC meeting.
The
GDP report will provide light on the state of the American economy as a
whole, while the PCE data is an important indicator of inflation
patterns and policy choices.
Investors are keeping a close eye on
the market and leaning towards the possibility that the Federal Reserve
will choose to raise interest rates by 0.25 percentage points.
Many
people are guessing about what may happen to Bitcoin's value if such a
thing were to happen in the cryptocurrency market. The degree to which
Bitcoin will react to the new interest rate is a matter of debate and
conjecture.
In any case, the Fed is running out of room to
increase rates. The world's banking system has collapsed, and the
economy as a whole is in shambles.
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