Is Elon Musk Behind Dogecoin’s Recent Double-Digit Increase?

DOGE and other commemorative coins were some of the highlights of the weekend.

Although most cryptocurrencies have posted significant gains over the past 36 hours or so, Dogecoin has been one of the frontrunners with double-digit gains of over $0.11.

Perhaps the most obvious reason behind this rally is Elon Musk again. This time, however, he did not make a specific DOGE-focused statement as before, but instead made a broader promise for the entire crypto industry.

In a recently released video, the owner of X said the social media platform will allow users to trade stocks and digital assets on their timelines. You can interact with the ticker symbols in the posts and complete trades within the app.

The beta platform is expected to launch within a month or two from the company's in-house payment system X Money. Nikita Bier, the company's head of product, explained that the goal is to turn the social media behemoth into an “everything app” that allows users to invest, send money, post and message others.

Given Musk's history with Dogecoin, it's no surprise that the OG meme coin has been on a tear since the announcement went live. The asset has risen steadily over the past few days from $0.095 to a two-week high above $0.115.

It's worth noting though that the billionaire has remained silent on the Dogecoin support front after making some controversial claims over the past year or so.

Other meme coins have also benefited from the recent market upswing. PEPE rose 30 percent on the day, while PPP strengthened its position in the top 100 alts after gaining another 16 percent. Additionally, the asset has rocketed by 270% in the past week.

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