Dogecoin (DOGE) is trading roughly 90% below its all-time high of $0.7316, a level it last touched over five years ago. The memecoin failed to rally on SpaceX's IPO, despite the rocket company accepting DOGE for merchandise, and instead continues to face downward pressure. Investors now look to Elon Musk's X Money platform as a potential catalyst.
The Musk-Dogecoin Connection
Elon Musk has repeatedly voiced support for Dogecoin, calling it his favorite cryptocurrency and enabling DOGE payments for Tesla and SpaceX merchandise. He even named the Department of Government Efficiency (D.O.G.E.) under President Trump as a nod to the memecoin. Musk's X social media platform is expected to expand its X Money services, though no launch date has been set.
X Money as a Potential Lifeline
X's head of product, Nikita Bier, hinted in April that the platform might do something for the crypto sector, which was having a bad year. Many speculate that X Money will integrate Dogecoin payments, given Musk's history with the coin. If realized, such a move could expose DOGE to millions of new users, boost investor confidence, and potentially push the price above $1. For now, the memecoin remains in a deep drawdown, awaiting a clear catalyst.