Dogecoin price soars as Musk announces X Money debut date

Dogecoin is the best performing major cryptocurrency over the past day, jumping off the back of Elon Musk’s announcement that X Money would debut in April.

The original memecoin hit a high over the past day of nearly 10 cents. It dropped to a little over 9 cents Tuesday afternoon in New York, but was still the biggest gainer out of digital assets with a market value above $10 billion.

Dogecoin has risen the most out of major coins over a seven-day period as well, jumping 6% since March 3.

“X Money early public access will launch next month,” Musk wrote on his social media platform Tuesday.

While Musk did not mention Dogecoin or crypto, he once described Dogecoin as his favourite cryptocurrency, and the memecoin has frequently experienced price bumps when the Tesla boss has talked about making X a payments app.

There has even been speculation that Musk would integrate Dogecoin for transactions on the platform because he has said the coin would be ideal for payments.

Tesla in 2022 even started accepting Dogecoin — along with Bitcoin — as payment for merchandise.

Crypto trading coming to X

Nikita Bier, X’s head of product, announced in February that crypto trading was coming to the social media website.

Bier said that crypto trading tools would be available on X via Smart Cashtags — a function announced in January that gives users live pricing information for crypto and stocks.

He later said that X would not handle trade execution or act as a brokerage but was “just building the financial data tools and links”, suggesting that crypto traders would be redirected to an exchange from their X timelines.

Musk has said that he wants X to become an “everything app”, like China’s WeChat, where users can make payments and organise their lives.

Back in 2023, Musk obtained money transmitting licenses in the US for X, and has since said that he wants his platform to be “the place where all the money is.”

“[X will be] the central source of all monetary transactions,” he said in February. “It’s really going to be a game-changer.”

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.