Musk Effect Returns as Dogecoin Soars on News of X Trading Feature Integration

▲ Dogecoin, Dollar/ChatGPT-generated image

Dogecoin (DOGE), the leading meme coin, has surged more than 17% following news that X (formerly Twitter) will introduce cryptocurrency trading functionality, emerging as the market’s top performer.

According to crypto-focused outlet Decrypt on February 15 (local time), Dogecoin, currently the ninth-largest cryptocurrency by market capitalization, jumped 17% over the past 24 hours, recording the highest gain among major digital assets. As of 2 p.m. Saturday in New York, Dogecoin was trading near $0.11 per token, drawing significant investor attention.

The decisive catalyst behind the price surge was the announcement that X will officially roll out cryptocurrency trading features within its platform. The company’s head of product revealed on his social media account Saturday that within weeks, users will be able to trade stocks and cryptocurrencies directly from their timelines. Dogecoin has previously shown sharp volatility whenever news related to X’s payment services surfaced, with its price reacting sensitively to such developments.

Ongoing support from X owner and the world’s richest individual, Elon Musk, has also fueled the rally. Over the years, Musk has repeatedly referred to Dogecoin as his favorite cryptocurrency in interviews and on X, often triggering price increases. In the past, he emphasized the coin’s practical value, arguing that despite its volatility, Dogecoin could serve as a useful medium for everyday transactions.

Although Dogecoin remains about 85% below its all-time high recorded in 2021, the addition of trading functionality on the platform is being viewed as a strong positive catalyst, bringing the asset back into the spotlight. Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) also posted gains, but Dogecoin’s standout surge once again highlights the intense investor interest in meme coins.

Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.