Dogecoin (DOGE) is languishing far below its peak — down nearly 90% from the all-time high of $0.7316 — and it’s been more than five years since the memecoin last traded near the $0.7 mark. Many investors hoped Dogecoin would get a post-IPO boost after SpaceX’s public offering, especially since the rocket company accepts DOGE for merchandise. Instead, the token showed little reaction and has continued to drift lower.
A big reason Dogecoin remains in the conversation is Elon Musk. He’s repeatedly called DOGE his favorite cryptocurrency, praised its lighthearted origins and even enabled DOGE payments for Tesla and SpaceX merchandise. Musk has also publicly joked about initiatives with the DOGE acronym, underscoring his personal affinity for the project.
All eyes are now on X’s payments roadmap. Musk said in early June that X Money — the platform’s payments feature — will be rolled out to a wider audience soon, though he gave no timetable. X’s head of product, Nikita Bier, hinted in April that the company was considering moves in the crypto space after a tough year for digital assets. Given Musk’s past support for Dogecoin, many expect DOGE to be a strong candidate for inclusion in X Money.
If X Money adds DOGE, the memecoin would gain exposure to millions of users and could restore investor confidence — a development some believe might be enough to push DOGE back toward, or above, the $1 level. For now, though, traders and holders are left waiting for concrete product updates and regulatory clarity before a sustainable recovery can take hold.
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