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Dogecoin (DOGE) has surged more than 11.2% over the past seven days after X CEO Elon Musk’s post ignited speculation about its integration into the platform.
Musk recently posted on X a screenshot of podcaster Joe Rogan’s profile, which features a dollar icon different from that of the social media service’s tipping service. One user pointed out the unexpected symbol and wrote:
“My speculation is that “$” button is used for sending money to someone as a part of X Payments!”
Musk confirmed the speculation by simply answering, “True.” This, given his past involvement with Dogecoin and the evolving regulatory landscape following the election of Donald Trump as the next U.S. president, caused the memecoin to soar.
True
— Elon Musk (@elonmusk) November 22, 2024
At the time of writing, Dogecoin is trading at $0.414 — over 12.2% higher than the price it reported seven days ago, before the tweets in question. This price is still nearly 44% lower than the all-time high of $0.7376 reported back in May 2021.
The details
Musk has a long history of causing the Dogecoin price to move. Even back in September 2021, this tendency was widely known and the tech tycoon sending DOGE into a rally was reported as nothing new:
“Elon Musk’s tweets keep sending dogecoin into the stratosphere.”
Musk even mentioned Dogecoin multiple times during a Saturday Night Live appearance. Following this mainstream exposure, investors dumped their holdings, causing a 20% drop in DOGE’s price. Musk and his electric vehicle manufacturer Tesla, were even sued over allegations of Dogecoin insider trading, but the lawsuit was later dismissed.
Musk previously talked about how he would like to make X into an X-app like WeChat by adding — among other things — financial capabilities to the platform. The X Payments LLC subsidiary was able to obtain its United States money transmitting licenses in most states, excluding New York.
Some crypto enthusiasts hope that X’s financial services will feature a deep Dogecoin integration. This would not be the first time that Musk brings one of his companies into his manifestations of love for the memecoin. The UK Tesla support page contains guidelines on how to buy your electric car with DOGE — which the automaker accepts.
