Dogecoin spikes 5% earlier than retracing after Elon Musk’s newest tweet

Dogecoin spiked 5% on Feb. 13 after Elon Musk tweeted concerning the memecoin in a joking reply to a photograph of him sitting with Fox Information proprietor Rupert Murdoch with the caption:

“What are they speaking about? …flawed solutions solely.”

Regardless of the humorous nature of the tweet and Musk’s joking response, the memecoin climbed to as excessive as $0.086 earlier than retracing to 0.081 and eliminating the beneficial properties made following the tweet.

DOGE is up roughly 19% year-to-date as the general crypto market is exhibiting early indicators of restoration following a tumultuous 12 months of crypto companies collapsing.

Regardless of the inexperienced 2023, DOGE is down 89.2% from its all-time excessive of $0.75, in keeping with CryptoSlate knowledge.

Musk, Twitter & Dogecoin

As a result of Musk’s tweets and information about him and his firms, Dogecoin’s value has virtually all the time spiked or fallen. The memecoin group hopes that Dogecoin shall be additional integrated into Musk’s numerous companies as he has often proven assist for the coin.

Since Musk acquired Twitter, there have been rumors that Doge could turn into the defacto forex for “tipping” creators on the platform. There is no such thing as a credible proof to substantiate the rumors thus far. After Musk determined to step down as CEO as soon as an enough substitute is discovered, the Dogecoin on Twitter narrative appears to have fizzled out to a big diploma.

Nonetheless, Musk reportedly employed a small staff in January to find out how Twitter can faucet into the monetary providers market as a digital cost processor, which might embody crypto. The social media big is at the moment making use of for licenses within the U.S. on a state and federal stage.

In line with the reviews, Musk intends to initially deal with gaining approval for fiat and hopes to have the ability to broaden that into crypto down the road.