X: Dogecoin Gains Notoriety Due to Twitter Redesign

What exactly is FedNow? A Crypto Threat? 



  • 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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