Dogecoin Surges 18% on X Trading Features News, Then Dips

Dogecoin, the leading memecoin, experienced sharp volatility over the past week, surging more than 18 percent on news from social media platform X before retreating nearly 10 percent in the last 24 hours to trade around 0.102 as of Monday.

The rally began last week following an announcement from X, owned by Elon Musk, about the upcoming rollout of Smart Cashtags. These features will allow users to interact with ticker symbols for stocks and digital assets directly in posts, enabling trades within the app through X's in-house payments system, X Money. Nikita Bier, X's head of product, described the initiative as part of transforming the platform into an "everything app" for investing, payments, messaging, and posting. The beta launch is expected within one to two months. Given Musk's past endorsements of Dogecoin, the news sparked immediate buying interest, pushing the cryptocurrency from around 0.095 to a two-week high above 0.115. Other memecoins, such as PEPE and PIPPIN, also rose sharply, with PEPE gaining 30 percent in a day and PIPPIN up 270 percent over the week.

During the upswing, Dogecoin recorded the highest trading volume among memecoins, outperforming Bitcoin and...