Renowned billionaire Elon Musk, known for his revolutionary ideas, recently initiated and completed the rebranding process of Twitter. Musk, who wants to achieve more efficiency than the $44 billion acquisition by changing Twitter’s iconic blue bird and transforming both the site name and logo into an “X”. Musk’s desire is to make X the European version of China’s popular platform WeChat, which could have unexpected effects on cryptocurrencies.
It is believed that Musk made this change to leave his mark on Twitter and to make X the ultimate destination for entertainment, online shopping, socializing, and much more. Musk’s recent moves have received significant backlash, especially in recent months. Forrester analyst Mike Proulx provided a detailed explanation on the matter. The renowned analyst emphasized that changing a logo that has been in development for 15 years could have negative consequences and could also impact Tesla. DOGE, which relies heavily on expectations focused on Elon Musk, could be among those negatively affected.
Gary Black, on the other hand, believes that the X transformation will not affect Tesla’s fundamentals. The famous figure emphasized the necessity for Twitter’s financials to turn positive by 2024 and stated that with the 2024 Olympics and Presidential Elections, the wind will be behind X. In fact, the period until 2024 is critical for X.
In the current bearish period in the cryptocurrency market, unexpected events like this could have unforeseen consequences for Dogecoin. While many DOGE investors are waiting for DOGE integration on X payments, Elon Musk may have to address much different issues.
Due to the priority of other battles that Elon Musk needs to address, DOGE may be relegated to a secondary or even tertiary plan, and if X does not deliver the expected results by 2024, it could be a complete disaster for DOGE. The only hope for DOGE investors seems to be the success of X or a bullish season.