Is Elon Musk Behind Dogecoin’s Latest Double-Digit Surge?

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DOGE and other meme coins are some of the most impressive gainers during the weekend.

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Summarize with AI

Although most cryptocurrencies have charted notable gains over the past 36 hours or so, Dogecoin is among the top performers, having surged by double digits to over $0.11.

Perhaps the most evident reason behind this rally could be, once again, Elon Musk. This time, though, he hasn’t made a specific DOGE-focused statement as in the past, but rather a broader promise for the entire crypto industry.

In a recent video, the owner of X said the social media platform will allow users to trade stocks and digital assets directly from their timelines. They will be able to interact with ticker symbols in posts and complete trades within the app.

The beta platform is expected to launch within a month or two from X Money, the company’s in-house payments system. Nikita Bier, the firm’s head of product, explained that the goal is to turn the social media behemoth into an “everything app” that allows users to invest, send money, post, and message others.

Given Musk’s history with Dogecoin, it’s no wonder that the OG meme coin has gone on a tear ever since the announcement went live. The asset has consistently risen for the past few days, going from $0.095 to a two-week peak of over $0.115.

DOGEUSD Feb 15. Source: TradingView

It’s worth noting, though, that the billionaire has been quite silent on the Dogecoin endorsement front in the past year or so after some controversial claims that led to lawsuits against him.

Other meme coins have also benefited from the recent market resurgance. PEPE has skyrocketed by 30% daily, while PIPPIN has solidified its spot in the top 100 alts after another 16% surge. Moreover, the asset has rocketed by 270% in the past week.