Dogecoin (DOGE-USD) prices are rising on Monday as investors in the crypto celebrate Elon Musk’s rebranding of Twitter.
Elon Musk, a longtime fan of Dogecoin, is now rebranding Twitter to “X.” With this change comes a planned shift in focus to financial services. That’s something that has crypto traders excited, as it could include the exchange of digital tokens.
It’s worth noting that X as a financial service could work out well for the social media platform. Musk already has a history in this space as one of the founders of what eventually became PayPal (NASDAQ:PYPL).
Twitter CEO Linda Yaccarino said the following about the rebranding in a statement collected by CoinDesk.
“X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities […] Powered by AI, X will connect us all in ways we’re just beginning to imagine.”
What This Means for Dogecoin
Dogecoin often rallies alongside news from Musk and today is no different. The Twitter rebrand brings with it increased trading of the shiba inu-themed crypto. This has its trading volume up 322% over the past 24-hour period as of this writing. To go along with that, the price of DOGE has increased 5.1% over that same period as of Monday morning.
Investors keeping track of the market will want to continue reading the latest news for today!
Luckily for them, we’ve got all of that news ready to go in one convenient place! A few examples include what’s going on with shares of Nikola (NASDAQ:NKLA) stock, AMC Entertainment Preferred Equity Unit (NYSE:APE) stock and Stellantis (NYSE:STLA) stock today. All of that news is ready to go at the links below!
More Stock Market News for Monday
- Truck Fire Sends Nikola (NKLA) Stock Down 7%
- APE Stock Alert: Why Are AMC’s Preferred Shares Down Today?
- STLA Stock Alert: Stellantis Plans Second U.S. Battery Factory
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
