Did Elon Musk Cause the Recent Surge in Dogecoin Prices?
Dogecoin and other meme coins saw significant gains over the weekend, prompting speculation about Elon Musk's involvement.
Meme cryptocurrencies like Dogecoin have seen impressive growth over the last weekend, with DOGE notably rising over 10% to exceed $0.11.
This surge may be attributed to Elon Musk. Unlike previous instances where he directly endorsed DOGE, Musk’s recent comments pertain to the broader cryptocurrency market.
In a latest video, Musk announced that his social media platform X will soon enable users to trade stocks and digital assets directly. Users will interact with ticker symbols in posts and can execute trades without leaving the app.
The beta version is anticipated to be available in the next month or two, courtesy of X Money, the payment system associated with the platform. Nikita Bier expressed that the aim is to transform the platform into an all-encompassing app for investing, messaging, and more.
In light of Musk’s past connections to Dogecoin, its surge in price following this announcement isn’t surprising. The currency has been on a steady rise, climbing from $0.095 to a peak of approximately $0.115 within two weeks.
Despite Musk’s lack of recent commentary regarding Dogecoin endorsements—having faced controversies and lawsuits in the past concerning his statements—other meme coins have also seen benefits from this market boost. PEPE has skyrocketed 30% in a single day, while PIPPIN enjoyed a 16% increase and a staggering weekly growth of 270%.
