 ▲ Elon Musk, X (formerly Twitter)/ChatGPT-generated image © |
As the long-anticipated launch schedule for Elon Musk’s ambitious X Money service has finally come into view, Dogecoin (DOGE), the leading meme coin, surged more than 10% at one point, emerging as a hot topic in the cryptocurrency market. Although it later gave back part of its initial gains, growing expectations that Dogecoin could be adopted as a payment method on a social media platform with hundreds of millions of users worldwide have fueled analysis that another massive bullish wave may be approaching.
According to crypto outlet Finbold on March 11 (local time), Dogecoin saw a sharp rally immediately after Musk announced that early public access to X Money would begin in April 2026. Based on CoinMarketCap data, Dogecoin’s 24-hour trading volume soared more than 108% to reach $2.2 billion, while its market capitalization briefly climbed to $15.3 billion. However, the rally proved short-lived, with some gains trimmed by Wednesday the 11th, as the token traded around $0.09195 and its market cap stabilized near $14.1 billion.
The surge in Dogecoin demand followed Musk’s formal confirmation of the X Money launch, a key step in his plan to transform X into a fully integrated financial platform. Although the announcement did not directly mention Dogecoin, market participants are effectively treating its potential connection to the payment service as a given, citing Musk’s history of supporting Dogecoin payments across his business ecosystem, including Tesla and SpaceX.
Musk has repeatedly emphasized that his primary goal in acquiring X for more than $40 billion was to turn it into an “everything app” similar to China’s WeChat. Demonstrating this ambition, X has already secured money transmitter licenses in more than 40 U.S. states to facilitate the smooth rollout of X Money. According to a Resourcera report, X’s monthly active users (MAU) exceeded 586 million as of February, suggesting that actual integration between X Money and Dogecoin could have a tremendous impact on global cryptocurrency adoption.
Market experts view this potential for exponential demand growth as a key catalyst that could drive Dogecoin’s next bull market. Trading analyst TATrader_Alan noted that Dogecoin’s price is forming a pattern similar to the 2024 fractal structure that preceded a major breakout. However, he cautioned that when X Money officially launches next month, a potential “sell-the-news” phenomenon could trigger short-term selling pressure, urging investors to exercise caution.
*Disclaimer: This article is for investment reference only and does not assume responsibility for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.*