Elon Musk includes Dogecoin symbol in Twitter bio, causing price to jump 5%

Elon Musk is once again showing his support for Dogecoin in a subtle yet meaningful way. Twitter, now one of the biggest social media companies under Musk’s leadership, recently changed its logo from the infamous ‘blue bird’ to a clearly different X symbol. However, this was not the end of the changes as Musk also changed his Twitter bio to display the Dogecoin symbol.

Elon Musk highlights Dogecoin’s recent changes

On Monday, Elon Musk changed his Twitter location to “XД, X for the new Twitter logo and Ð for Dogecoin’s logo, fueling speculation about the possible integration of Dogecoin into the Twitter platform.

This is not the first time Musk has promoted DOGE and caused a stir in the crypto community, as he has tweeted about the meme coin several times before. With nearly 150 million followers on the social media platform, Musk’s tweets attract an enormous amount of attention. So when he mentions specific companies or cryptocurrencies, it often results in large price movements.

Musk changes profile to include DOGE symbol | Source: Twitter

His tweets in the past have notably triggered double-digit percentage increases in the price of Dogecoin. This time, there seems to be a more subtle price reaction to Musk’s endorsement.

After the implementation of the new Bio, the price of Dogecoin increased by more than 5%. As investors rushed to buy altcoins, there was also a huge increase in trading volumes on the exchanges. According to Coinmarketcap, the trading volume of Dogecoin has seen a total increase of 309.19% in the last 24 hours.

Dogecoin was created as a “meme currency”, but has since developed its own very passionate community and followers, including Elon Musk, one of the richest men in the world.

Will the new Twitter X support DOGE?

There is a good chance that Twitter (now X) may incorporate Dogecoin payments into its platform, especially given Musk’s continued support. As Twitter’s largest shareholder, Musk could put pressure on the social media company to incorporate Meme Coin into its ecosystem. This will enable users to seamlessly make payments on the site using Dogecoin, which could attract more crypto investors to the platform and increase user engagement.

However, there are some obstacles along the way. More stable cryptos such as bitcoin and ethereum are beginning to be accepted as payment methods in various aspects of the world. However, altcoins such as Dogecoin are still very volatile with low utility and questions about its stability before Twitter(x) seriously considers it as an official payment method.

At the time of writing, DOGE is trading at $0.07535, which is a quick rise from its price of $0.07081 at the beginning of the day.

DOGE price jumps 5% following Musk's Twitter profile update | Source: DOGEUSD on TradingView.com

Featured Image from Coinmarketcap, Chart from Tradingview.com