Dogecoin (DOGE) is currently down by nearly 90% from its all-time high of $0.7316. Its been more than five years since DOGE last traded at the $0.7 price level. Many fans anticipated the memecoin to rally following SpaceX’s historic IPO (Initial Public Offering), given that the rocket company accepts DOGE for its merchandise. However, not only did DOGE not react to the SpaceX IPO, but is in fact facing a price dip. Let’s discuss what’s next for Dogecoin (DOGE), and if Elon Musk’s X Money can finally rescue the memecoin.
Can Elon Musk’s X Money Rescue Dogecoin?
Elon Musk has publicly stated his adoration for Dogecoin (DOGE). Musk has said on multiple instances that DOGE is his favorite cryptocurrency and that he likes the non-serious nature of the project. He also said that it would be ironical if the cryptocurrency that started off as a joke becomes the main one. Musk has gone as far as enabling DOGE payments for Tesla and SpaceX merchandise. He even started the Department Of Government Efficiency under President Trump, which is an acronym for D.O.G.E.
Now, Musk’s X social media platform is expected to expand its X Money use cases. Musk has stated in early June of this year that X Money will be available to a larger audience soon. However, no tentative date was given. Even X’s head of product, Nikita Bier, had said in April that they may do something for the cryptocurrency sector because it was having a bad year. Many anticipate Dogecoin (DOGE) be included in X Money, given Musk’s history with the memecoin.
Also Read: When Will SpaceX Launch The Dogecoin-Funded Doge-1 Satellite?
If X Money includes Dogecoin (DOGE) payments, the memecoin would be exposed to millions of new users. The move would also lead to a surge in investor confidence. Such a development could potentially push DOGE beyond the $1 mark.
