Musk's acquisition of Twitter is part of a bigger plan to create a global social platform with a broad integration of financial features. And he isn't hiding his inspiration from the Chinese WeChat, where users can communicate, place orders, transfer money, play and send official requests to government bodies.
For his new creation, Musk bought rights to the X.com domain in 2017. For now, this website is redirecting to Twitter, but later, the usual address will be gone for good, as it already happened with its name.
"The Twitter name made sense when it was just 140-character messages going back and forth - like birds tweeting. But now you can post almost anything, including several hours of video," Musk said, explaining the rebranding.
The bird logo was unexpectedly changed to X on 24 July. On the same day, users noted a change in Musk's bio, where the X was accompanied by the Dogecoin sign ?.
Musk has long been known as a cryptocurrency lover. In 2021, it became possible to pay for Tesla vehicles using Bitcoin. However, under the pretext of environmentalism, this ability was rolled back two months later. After that, Musk dedicated all of his attention to Dogecoin, being called Dogefather for his regular mentions of this cryptocurrency.
On 3 April 2023, this love reached new highs when the Shiba-inu image, the cryptocurrency's symbol, shortly replaced the Twitter logo. Musk explained the replacement as a fulfilment of an earlier promise he made if he were to buy the social media company.
Increased interest in Dogecoin and anticipation of the upcoming changes have led to a 17% increase in Dogecoin's price in the past seven days. The majority of other coins have seen a decline in this period of time.
But there's still more upward movement ahead. Users have reason to believe that Dogecoin will get a leading role in X.com due to Musk's sympathy for the coin. The reason is not just about being a crypto-cutie or respecting community cohesion. Real Vision CEO Raoul Pal believes Dogecoin will allow Musk to bypass securities laws and use the cryptocurrency to make global payments.
Following Musk's statements, the new X.com's features will be rolled out in the upcoming months. "If done right, X would become half of the global financial system." If Dogecoin gets a leading part in the payment segment, it will result in a rally for the cryptocurrency.
StormGain Analytical Group
(platform for trading, exchanging and storing cryptocurrency)
