Dogecoin spikes 5% before retracing after Elon Musk’s latest 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? …fallacious 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 yr of crypto companies collapsing.

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

Musk, Twitter & Dogecoin

Resulting from Musk’s tweets and information about him and his firms, Dogecoin’s worth has nearly at all times spiked or fallen. The memecoin neighborhood hopes that Dogecoin will probably be additional integrated into Musk’s numerous companies as he has frequently proven assist for the coin.

Since Musk acquired Twitter, there have been rumors that Doge could develop into the defacto forex for “tipping” creators on the platform. There isn’t any 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 workforce in January to find out how Twitter can faucet into the monetary providers market as a digital fee processor, which may embrace crypto. The social media big is at the moment making use of for licenses within the U.S. on a state and federal degree.

Based on the reviews, Musk intends to initially concentrate on gaining approval for fiat and hopes to have the ability to develop that into crypto down the road.