Dogecoin spikes 5% before retracing after Elon Musk’s latest tweet
Dogecoin jumps 5% before recovering from Elon Musk’s latest tweet
Elon Musk reacted to a photo in which he sits next to Rupert Murdoch during the Super Bowl on February 12.
Dogecoin jumped 5% on Feb 13 after Elon Musk tweeted about memcoin in a joking response to a photo of him sitting with Fox News owner Rupert Murdoch, with the caption:
“What are they talking about? …only wrong answers.”
Despite the humorous nature of the tweet and Musk’s tongue-in-cheek response, Memcoin surged to $0.086 before falling back to $0.081 and wiping out the profit made after the tweet.
DOGE is up about 19% year-to-date as the overall crypto market shows the first signs of recovery after a tumultuous year of crypto firms crashing.
Despite a green 2023, DOGE is down 89.2% from its all-time high of $0.75. Cryptooshala data.
Musk, Twitter and Dogecoin
Due to Musk’s tweets and news about him and his companies, the price of Dogecoin almost always went up or down. The memcoin community is hopeful that Dogecoin will continue to be included in Musk’s various ventures as he regularly shows support for the coin.
Ever since Musk acquired Twitter, there have been rumors that Doge could become the de facto currency for “tipping” creators on the platform. There is no hard evidence to support the rumors yet. After Musk decided to step down as CEO as soon as an adequate replacement was found, the Dogecoin narrative on Twitter seems to have largely fizzled out.
However, Musk reportedly hired a small team in January to determine how Twitter could enter the financial services market as a digital payment processor that could include cryptocurrency. The social media giant is currently applying for a US state and federal license.
According to reports, Musk initially intends to focus on getting approval for the use of fiat and hopes to be able to expand it to crypto in the future.
At the time of publishing, Dogecoin is ranked 9th by market capitalization and DOGE price is down 4.24% in the last 24 hours. DOGE has a market capitalization $10.72 billion with 24 hour trading volume $754.6 million. Learn more >
Feb 13 at 17:13 UTC
At the time of publication, the global cryptocurrency market is valued at $991.93 billion with 24 hour volume $57.8 billion. Bitcoin dominance is currently on 41.91%. Learn more >
Credit : cryptoslate.com