Why Dogecoin Was a Star Cryptocurrency Today
Association with a top businessperson or tech service can do wonders for a cryptocurrency. That appeared to be the dynamic behind the rise of Dogecoin (CRYPTO: DOGE) on Tuesday, following the rebranding of a top messaging app. In late-afternoon trading, the meme coin was up by more than 9% in price over the preceding 24 hours.
That rebranding is occurring with the company and service now known as X, which in its former life was Twitter. The transformation occurred on Monday, with the micromessaging site's familiar blue bird logo being replaced with a stylized version of the 24th letter of the alphabet. Other changes are apparently in the works.
Dogecoin and its developers don't seem to have had anything to do with this, but any news with Twitter -- sorry, X -- owner Elon Musk attracts attention to the cryptocurrency. He has been an active and very vocal proponent of Dogecoin. Because of this, speculation is rife that the meme coin could be used as a medium of fiscal exchange within the X ecosystem.
Source Fool.com
