The ever-popular meme asset, Dogecoin (DOGE), is experiencing a surge this week, closely linked to billionaire Elon Musk’s plans to launch financial services on his social media platform, X, by the end of next year.
As reported by The Verge, Musk aims for X’s comprehensive financial features to compete with traditional banks, expecting the rollout by the end of 2024. In a company-wide meeting, Musk expressed that when he refers to payments, he means someone’s entire financial life, covering money, securities, and more. The goal is to eliminate the need for a traditional bank account.
While there was no direct mention of Dogecoin in the call, Musk’s well-known enthusiasm for DOGE tends to excite DOGE holders. X is currently in the process of obtaining the necessary licenses to operate its financial services in the United States.
It’s worth noting that last month, Musk dispelled rumors about creating a cryptocurrency called “X Coin” to reward content creators on the social media platform. Despite the absence of Dogecoin mentions, the news of Musk’s involvement in financial services seems to have contributed to the recent surge in Dogecoin prices.
Over the past week, DOGE, the dog-themed memecoin, saw a significant increase from $0.058 on October 19th to a peak of $0.74 on October 26th. While it has retraced since then, trading at around $0.69 at the time of writing, the surge underscores the impact of Musk’s announcements on the cryptocurrency market.
