Whenever Elon Musk mentions Dogecoin, it usually has an impact on the cryptocurrency’s price, and sometimes even a single letter seems to be enough.
Recently, Elon Musk updated his Twitter profile, concealing the symbol of the cryptocurrency Dogecoin (DOGE) within it. The symbol can be found as the letter ‘D’ hidden behind the description of his location.
As a result, the price of the meme coin reacted with a surge of up to six percent at one point. As of the time of writing, the Dogecoin price is trading at $0.0742 US dollars.
On Saturday, Musk announced his intention to rename Twitter and replace the bird logo with a large ‘X,’ alluding to the tech mogul’s vision of developing an “Everything App.” Musk’s Twitter profile picture already features a large ‘X,’ and the web address X.com redirects to Twitter. Additionally, Musk’s account location is marked with an ‘X,’ followed by the aforementioned ‘D‘ for Dogecoin.
Musk is widely regarded as one of the biggest supporters of the cryptocurrency with the dog logo. He repeatedly influences the price with his media presence, as seen when he previously replaced the Twitter logo with the Dogecoin symbol, causing a temporary price spike. In June, Reuters reported on allegations of market manipulation against Musk.