Dogecoin's price surged over 10% after Elon Musk shared updates about his X Money payment platform, sparking market speculation and excitement. The rally saw Dogecoin trade near $0.11, with large whale transactions and high trading volume adding to the momentum.
The move was fueled by Musk's announcements regarding X Money's public access rollout, which rekindled interest in crypto markets. Market data showed a sharp rise in futures open interest, reaching one of the highest levels seen this year.
Dogecoin has enjoyed strong support from Elon Musk for years, with past events proving that his posts and comments can trigger significant price jumps. Traders closely tie the two together, given Musk's historical advocacy for Dogecoin and X hiring crypto-experienced staff.