A subtle change in Elon Musk’s Twitter bio after his rebranding the platform to “X” once again fanned the flames of speculation – that Dogecoin (DOGE) may have a future on the platform.

On July 25, eagle-eyed Twitter users (now X) began pointing out that Elon Musk’s profile location now contained both an “X” and a “D” — with the X referring to Twitter’s new branding, while the D was interpreted as Dogecoin — a memecoin he had publicly supported in the past.

Anyone else noticed the dogecoin symbol (Ɖ) in Elon Musks place pic.twitter.com/Y1OGT42hD2

— Morgan (@Helloimmorgan) July 24, 2023

Other observers such as the CEO of Real Vision Raoul Pal reached a similar conclusion, albeit with a different reasoning.

In a July 25 tweet, Pal said that Musk would most likely use Dogecoin to make global payments for creators on the platform, noting that the eccentric billionaire already “owns a big chunk” and “likes it.”

Two things I said when Elon bought “X”:

Elon bought it for AI and the free speech angle gives him an unbiased model. He needs an AI to train Optimus the robot.

He will use crypto to make global payments for creators etc. I’m guessing he uses Doge. 1/

— Raoul Pal (@RaoulGMI) July 24, 2023

When asked why Musk wouldn’t create his own token for these payments, Pal suggested that Dogecoin could help Musk bypass securities laws, giving him “zero execution risk.”

Twitter’s rebranding to X came with little warning on July 24th, officially making the switch at 10:00 UTC. Musk’s mention of dogecoin and the resulting speculation managed to take a small gain for memecoin, which rose as much as 5%. data from TradingView.

It is currently trading at $0.07, up 9.5% in the last seven days.

Related: Elon Musk Renames Twitter X, But Crypto Twitter Has Other Ideas

In comments emailed to Cointelegraph, eToro market analyst Josh Gilbert said that while the renaming may provide a short-term rally for Dogecoin, Musk’s move could also have a significant impact on the crypto market in the long term.

“It has implications for cryptocurrencies in the short term because it moves the markets. But it’s in the long term because Musk is trying to build payment networks with his own platform that could soon compete with platforms like Ethereum, Bitcoin or others,” explained Gilbert.

“As the market reads the tea leaves of Musk’s decisions, investors are better off not getting distracted by short-term events and focusing on longer and broader trends,” Gilbert said.

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