In anticipation of Elon Musk’s Twitter rebrand to “X”, major Dogecoin holders accumulated 3 billion DOGE. This movement, alongside Musk’s endorsement, triggered a Dogecoin surge, defying an otherwise bearish crypto market. Speculation now surrounds potential Dogecoin integration on the rebranded platform.
In the wake of Elon Musk’s radical move to rebrand Twitter as “X”, the cryptocurrency world has seen significant ripples. Notably, Dogecoin (DOGE), Musk’s favorite meme crypto, has experienced quite the windfall. However, closer inspection of data suggests that there might be more than just general enthusiasm behind the surge.
Dogecoin Defies Bearish Market with 5% Surge and Remarkable Trading Volume Increase
Despite a predominantly bearish mood across the global digital asset market on Monday, Dogecoin stood out, swimming against the tide. Recording an impressive 5% surge in the past day, DOGE became the second-largest gainer in the top 100 crypto list. The 24-hour trading volume for Dogecoin also witnessed an astounding boost of 353%, peaking at $1.3 billion. The crypto coin now trades at a median price of $0.075.
Crypto analyst pointed out that Dogecoin whales, or large-scale holders, have been in a fierce accumulation mode over the past three weeks. Their buying spree has resulted in the acquisition of approximately 3 billion Dogecoins, equivalent to a staggering $225 million. Such aggressive accumulation aligns with Dogecoin’s surge of more than 12% in the past month.
Interestingly, this wave of accumulation seemed to have started around the time Elon Musk dropped hints about Twitter’s impending rebrand to “X”. Musk, who officially owns Twitter, actualized this vision Monday, incorporating a new name, logo, and domain for the platform. These changes come on the heels of a previous surprise from Musk when he temporarily replaced the Twitter logo with that of Dogecoin, reaffirming his support for the meme cryptocurrency.
The momentum driving Dogecoin currently remains strong, thanks in no small part to Musk’s actions and his evident fondness for the crypto. However, with the rebrand of Twitter to “X” complete, the crypto community eagerly awaits any subsequent announcements from Musk regarding possible integrations or uses of DOGE on the newly christened X.com.