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? …mistaken 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 positive aspects made following the tweet.

DOGE is up roughly 19% year-to-date as the general crypto market is displaying early indicators of restoration following a tumultuous yr of crypto corporations 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

On account of Musk’s tweets and information about him and his firms, Dogecoin’s worth has nearly all the time spiked or fallen. The memecoin neighborhood hopes that Dogecoin will probably be additional included into Musk’s varied companies as he has commonly proven help for the coin.

Since Musk acquired Twitter, there have been rumors that Doge might turn out to be the defacto forex for “tipping” creators on the platform. There isn’t any credible proof to substantiate the rumors to this point. After Musk determined to step down as CEO as soon as an satisfactory alternative is discovered, the Dogecoin on Twitter narrative appears to have fizzled out to a big diploma.

Nevertheless, Musk reportedly employed a small group in January to find out how Twitter can faucet into the monetary companies market as a digital fee processor, which may embrace crypto. The social media big is at present making use of for licenses within the U.S. on a state and federal degree.

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.