The Price of Dogecoin Skyrocketed Upon the Announcement of Twitter Rebranding Plans

Liputan6.com, Jakarta The biggest meme coin cryptocurrency, Dogecoin (DOGE) had jumped 5 percent. This increase is allegedly due to Twitter’s rebranding plans which were revealed on Monday, July 24, 2023.

Reporting from CoinDesk, Tuesday (24/7/2023), Elon Musk’s social media is in the process of being rebranded to X, part of his group of companies focused on artificial intelligence called X AI.

Musk also briefly added the dogecoin logo to his Twitter bio on Monday morning, fueling speculation of dogecoin playing a larger role in the rebranded company.

Meanwhile, some long positions worth USD 30 million or equivalent to IDR 450.6 billion (assuming exchange rate IDR 15,022 per US dollar) more than 96 percent of all leveraged futures positions were liquidated within one hour on bitcoin-tracked futures contracts, which may have contributed to the sudden decline.

Dogecoin’s rise comes amid another meme of the coin bucking the market downturn as bitcoin (BTC) slumped below USD 29,100 or equivalent to Rp 437.1 million. Bitcoin’s decline led to falls for several major tokens, with TRX Tron and MATIC Polygon losing 3.4 percent, while SOL Solana fell nearly 5 percent.

Analysts say a lack of bullish news and a generally quiet summer could weigh on bitcoin’s price further, with some targeting the USD 27,000 level.

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