Elon Musk’s social media empire X created a stir in the cryptocurrency community this week by posting a cryptic meme about “Dog” on the platform. While the post contained no explicit information, it sparked speculation that X may be considering integrating Dogecoin cryptocurrency on its site.
Dogecoin, which features the Shiba Inu dog as its mascot, has long been promoted by Elon Musk across his companies. Back in April 2023, X made headlines when it temporarily replaced its logo with the iconic Shiba Inu image, leading to a spike of over 30% in Dogecoin’s price. Musk has also announced plans to launch the DOGE-1 satellite paid for entirely in Dogecoin through his SpaceX company. In 2021, Tesla began accepting Dogecoin as payment for select merchandise.
Musk has frequently tweeted endorsements of Dogecoin to his millions of followers in the past, which has caused dramatic surges and crashes in the token’s price. When he speculates about selling his personal Dogecoin holdings, the price tends to drop. His unmatched ability to influence Dogecoin’s valuation means the crypto community pays close attention to any Doge-related content Musk posts.
While Musk has yet to make any direct statements about integrating Dogecoin on X, the coy meme post was enough to get investors excited about the potential. Dogecoin bulls see it as a sign that X may add support for payments and transactions using the token. However, without official confirmation from Musk, the meme remains speculative. The crypto community will be keeping a close eye on X’s next moves when it comes to Dogecoin integration. Musk has certainly stoked their curiosity with his characteristic cryptic humor.
