Despite the X platform (formerly Twitter) not confirming the integration of Dogecoin (DOGE) for payments, Elon Musk has recently mentioned DOGE to his vast user base, reigniting market interest in the cryptocurrency space, particularly in narrative building.
Origins of Speculation on X Platform Payment Integration
The emergence of payment features on the X platform, especially its potential connection to Dogecoin, always attracts significant market attention. This is largely due to Musk's deep ties with Dogecoin. He has publicly stated multiple times that DOGE is his "favorite cryptocurrency," and since 2022, Tesla has accepted DOGE as a payment method for some products. Whenever news about the X platform's payment features surfaces, whether it’s the internal testing leak in February or the confirmation of a launch in April on March 10, the price of Dogecoin has risen by 8% to 10% purely on market speculation.
Additionally, Musk has retweeted third-party information that includes cryptocurrency integration as a potential feature for the X platform. Although this is not an official confirmation, it at least indicates that the X platform has not completely ruled out this possibility. If the X platform does introduce cryptocurrency payments in the future and supports DOGE, the platform with over 500 million users would become a significant entry point in the micropayment space, creating an optimistic outlook for DOGE.
Can Musk Recreate the DOGE Effect of 2021?
Musk has already demonstrated his strong influence on DOGE's price in 2021. Although the current cryptocurrency market environment differs from that time, the pattern of influence is clear: when Musk frequently posts content related to DOGE, it triggers market "fear of missing out" (FOMO); conversely, when he remains silent, market interest wanes. For instance, a post on March 19 did not lead to significant fluctuations in DOGE's price, instead causing a slight decline of 2% to 3%, settling around $0.093, which is far from the single-day increase of 20% seen in 2021.
The current difference lies in the frequency of posts. Sporadic posts can remind people of DOGE's existence, while consistent posting helps build market momentum. If Musk resumes his role as the "father of Dogecoin" and increases the frequency of related posts, historical experience suggests that market attention will rise accordingly.
Analysis of DOGE Spot ETF Performance
Currently, the performance of three U.S. Dogecoin spot ETFs is underwhelming. Grayscale's GDOG is set to launch on November 24, 2025, followed closely by Bitwise's BWOW, and 21Shares' TDOG has also recently joined the fray. As of March 19, 2026, the cumulative performance of these ETFs has been lackluster. In contrast, Bitcoin and Ethereum spot ETFs attracted billions in inflows shortly after their launch. The DOGE ETFs have been operational for nearly four months, with most trading days seeing net inflows of zero. Grayscale's GDOG is the largest among them, with net assets of about $6.86 million, while Bitwise's BWOW has even experienced a net outflow of $1.38 million since its launch.
This clearly indicates that institutional investors have little interest in DOGE. Essentially, DOGE remains an asset driven by retail investors, making Musk's personal influence the most critical variable for its price fluctuations. Without his narrative-driving presence, DOGE's appeal will significantly diminish, and the lackluster performance of the ETFs corroborates this.
Future Outlook
Currently, DOGE's price hovers around $0.093, down approximately 87% from its peak in 2021. The spot ETFs are performing poorly, and the initial rollout of the X platform's payment feature only supports fiat currencies, while Musk's recent posts about DOGE have not significantly boosted its price.
However, Musk has not completely abandoned DOGE; he continues to post related content. The cryptocurrency roadmap for the X platform's payment feature remains uncertain. If the overall cryptocurrency market shifts to a bull market and Musk increases the frequency of DOGE-related memes and posts, the remarkable rally DOGE experienced in 2021 could potentially be replicated.