Elon Musk's influence over Dogecoin (DOGE) remains significant in 2024, with speculation driving its market performance. Recently, rumors have circulated that Musk might integrate Dogecoin into X (formerly Twitter) as a payment method. This speculation caused a notable surge in Dogecoinâs value, continuing a trend where even minor comments from Musk result in significant market reactions. His comment that âthe circle will be completeâ sparked excitement about potential future uses of the meme coin.
Despite this speculation, there has been no indication that Musk has sold any of his Dogecoin holdings. In fact, his vested interest in the DOGE community remains strong. Musk has previously confirmed that he holds the cryptocurrency, though he has never revealed specific details about how much he owns or whether he has sold any. The mere possibility of Dogecoin being integrated into Xâs payment system has been enough to sustain interest in the token and fuel ongoing price increases.
As of late 2024, Dogecoin has risen by over 95% year-to-date, driven primarily by speculation about Muskâs future plans for the tokenă7â sourceă. This surge has reminded many investors of the dramatic rise in 2021, also heavily influenced by Muskâs endorsement. With rumors of further integration into X, many investors remain hopeful that Dogecoin could see another major price rally, though market volatility and speculation remain key factors in its future trajectory.
