Dogecoin (DOGE) is currently sitting nearly 90% below its all-time high of $0.7316. More than five years have passed since the memecoin last traded anywhere near the $0.7 level, and recent developments have not helped close that gap. The latest disappointment came after SpaceX's historic IPO, which many in the crypto community had expected to spark a DOGE rally. The rationale was simple: SpaceX already accepts DOGE as payment for its merchandise, giving the coin a direct commercial tie to the company. Yet DOGE did not rally. It actually fell further. Now, the conversation has shifted to Elon Musk's X Money platform and whether it could accomplish what the IPO could not.
The SpaceX IPO That Failed to Move the Needle
Expectations heading into the SpaceX IPO were high for DOGE holders. With SpaceX accepting Dogecoin for merchandise purchases, there was a clear and visible link between the company's success and potential demand for the coin. As the IPO drew global media attention to SpaceX, investors anticipated that excitement would spill over into the memecoin market. That did not happen. Not only did DOGE fail to post any gains off the IPO news, it actually recorded a price dip. The moment that many had circled on the calendar turned out to be a non-event for Dogecoin's price.
Elon Musk's Longstanding Love for Dogecoin
Elon Musk has never been quiet about his affection for Dogecoin. He has said on multiple occasions that DOGE is his favorite cryptocurrency, and he has specifically pointed to the project's non-serious, lighthearted character as something he appreciates. He has even remarked that it would be ironic if the coin that started as a joke ended up becoming the dominant cryptocurrency. Beyond words, Musk has put his support into practice. He enabled DOGE payments for merchandise at both Tesla and SpaceX. He also launched the Department of Government Efficiency under President Trump, a body whose acronym spells out D.O.G.E.
Why X Money Could Change Everything for DOGE
The most closely watched development for Dogecoin right now is the planned expansion of X Money, the payment feature built into Musk's social media platform X. In early June of this year, Musk said that X Money would be made available to a broader audience soon. No specific date was given. Nikita Bier, X's head of product, added to the anticipation in April when he indicated that the platform might make a move in the cryptocurrency space, pointing to the sector's difficult performance that year as motivation.
Given Musk's well-documented history with Dogecoin, many followers of the coin believe DOGE is a strong candidate for inclusion in X Money. If that integration were to happen, the memecoin would gain immediate exposure to millions of users who have never held DOGE before. That kind of reach would almost certainly drive up investor confidence. Some analysts argue that the combination of new users and renewed attention could be enough to push DOGE's price past the $1 mark.
