Dogecoin Prices Surge After Musk Revives Plan to Put 'DOGE on The Moon'; X to Enable Crypto Trading

Tesla and SpaceX chief Elon Musk revived his pandemic-era plans to put Dogecoin on the moon, which boosted DOGE prices by nearly 10% over the weekend. Bitcoin prices also recovered to nearly $69,000 during the same period after recently testing the $60,000-level.

Last week, Musk referenced his 2021 pledge to put a 'literal dogecoin on the literal moon.' In response to an X user's question about when the promise would be fulfilled, the world's wealthiest person said: 'Maybe next year.'

He also agreed when another X user stated that 'Doge on the moon is inevitable.' Musk's latest support for the DOGE token follows his plans to deploy AI satellites from the moon.

Musk has been advocating for the memecoin since 2019, which peaked during pandemic lockdowns when he promised to make it the 'currency of Earth.' Tesla still holds around $800 million worth of bitcoin. Furthermore, SpaceX's planned initial public offering in mid-2026 could offer further insights into its crypto holdings.

Musk Hints at the Fall of the US Dollar

In recent times, Musk has often shared vague references to a post-dollar currency, which would be based on energy. 'Once the solar energy generation to robot manufacturing to chip fabrication to AI loop is closed, conventional currency will just get in the way,' Musk had posted to X.

His forecast about a future without the US dollar comes as confidence in the greenback continues to decline. Even billionaire investor Ray Dalio warned recently that the weakness in the US dollar supports his long-predicted collapse of the dollar.

X to Support Crypto Trading Directly From Timeline

X head of product Nikia Bier recently said that the social media platform will roll out multiple features in the coming weeks, including Smart Cashtags, which will enable users to trade stock and cryptocurrencies directly from the timeline.

The crypto trading tools are expected to provide analytics support for traders, such as price data. However, Bier clarified that X would not handle trade execution or act as a broker but was 'just building the financial data tools and links.'

In January, Bier said that the cashtags will make financial and crypto-related discussions more accurate on the platform, which triggered speculation that Musk could launch X Money financial services on the platform after it was teased last year.

During a recent xAI meeting, Musk reaffirmed his commitment to turn X into an 'everything app' to rival China's WeChat.

'X is really intended to be the place where all the money is, the central source of all monetary transactions, it really going to be a game-changer,' Musk noted, confirming that X Money will be rolled out over the coming months and 1 billion users will have access to it.

'As we give people more reasons to use the X app, whether it's for communications for Grok or for X Money, whatever the case may be, we want it to be such that if you wanted to, you could live your life on the X app. And as we make it more and more useful, we'll obviously give people reasons, compelling reasons to use the app every day, and have my expectation is well over 1 billion daily active users,' Musk concluded.

Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn't indicate future returns.