Home Business Dogecoin rises due to stunt Elon Musk, but bitcoin crashes

Dogecoin rises due to stunt Elon Musk, but bitcoin crashes

Tens of millions liquidated after dogecoin price increase

Dogecoin (DOGE), one of the largest memecoins in the crypto market, rose 5% in value after Elon Musk posted DOGE in his biography on Twitter. However, the name ‘Twitter’ is no longer correct, as Musk has decided to rename the company to ‘X’.

Dogecoin rises after Musk stunt with Twitter

From now on, Twitter will no longer be known as the social media platform with the blue bird. From now on, the business goes continue under the name ‘X’, with the same letter as logo. Although the name ‘Twitter’ can still be found on the platform, Musk has already taken many steps to make the change a reality.

The name change is part of Musk’s major project on artificial intelligence (AI). Musk integrates or establishes multiple companies under the umbrella of X AI. This stronghold is focused on creating AI to further explore the universe. So is Twitter, now X, which will now also have a lot more to do with AI.

In his biography on X, Musk briefly put dogecoin’s abbreviation: DOGE. After this action, which is not Musk’s first action regarding dogecoin, the price rose sharply. In a short time, the currency rose in value by 6% and trading volume quadrupled.

Bitcoin price is falling meanwhile

The bitcoin (BTC) rate, however, is doing a lot less well than dogecoin. While trading volume has increased by more than 70% in the past 24 hours, the bitcoin price is dropped quickly. Currently, the coin is trading around $29,200, while it was up $1,000 last night around 9am.

This afternoon around 12 o’clock Western European time, the price went down rapidly. Within minutes the course was set over $500 down then before. The reason behind this likely lies in an upcoming Federal Reserve meeting. The US central bank is likely to raise interest rates again this week, which worries investors.

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