Elon Musk’s latest move is on the agenda. There is talk about an altcoin as well as the move. Accordingly, Elon Musk renamed his $44 billion investment “X”, similar to his 1999 online bank X.com. Musk stated that if done right, X will become half of the global financial system. So which altcoin does this move add value to?
Elon Musk’s new move
cryptocoin.com As we mentioned, the price of altcoin Dogecoin has always been influenced by Musk, also known as the DOGEfather. A break from the nine-month downtrend and a rise to $0.1590 would indicate a 110% rally. Elon Musk has a huge influence on the price of altcoin Dogecoin, as well as in the space race. From crashes to bursting rallies, they all have a finger. In this context, his latest move could be another example of the same thing.
Elon Musk recently started rebranding one of the biggest social media platforms. It bought Twitter for $44 billion in October last year. Afterwards, he stated that the ultimate goal is to transform it into “X”, an application of everything. This plan has paid off, with the platform’s logo changing from a bluebird to an X over the past 24 hours.
The inspiration for the move
This move has inspiration. It dates back to 1999, when Elon Musk, along with a few partners, founded the online bank x.com. Musk re-purchased the x.com domain name, while the bank was later sold to PayPal. Accordingly, this domain name now directs users to Twitter.
Moreover, in a recent interview, Musk, who will own Twitter and “X” soon, stated that if the transition and development of “X” is done right, it will become half of the global financial system. However, no further comments have been made since then. Or details about the plans were not disclosed.
Altcoin Dogecoin could fly with this development
As for how it might affect the altcoin Dogecoin price, it’s not too hard to imagine. Within the crypto community, Elon Musk is also known as the “DOGEfather” for his hand in the rally that altcoin DOGE witnessed last year. Confirming the same thing on Twitter played a big role in increasing the market value of altcoin DOGE.
At the time of this writing, altcoin Dogecoin price was trading at $0.0749, up just over 4.5% in the past 24 hours. In October 2022, when the altcoin surged 160% in less than ten days, this reaction was rather weak compared to the past. While it is unlikely that the same situation will be repeated, breaking some key levels could result in a rally.
As noted by analyst Akash Girimath, on the weekly chart, altcoin DOGE has been stuck under a downtrend for almost nine months. Breaking this downtrend will allow altcoin DOGE to surge towards $0.1590. It would also indicate a solid 110% rally. However, this is only a possibility, not certain, given the volatility of the market.
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