Dogecoin spikes 5% before retracing after Elon Musk’s latest tweet

Dogecoin spiked 5% on Feb. 13 after Elon Musk tweeted in regards to 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? …unsuitable 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 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 response to CryptoSlate knowledge.

Musk, Twitter & Dogecoin

Attributable to Musk’s tweets and information about him and his corporations, Dogecoin’s worth has nearly all the time spiked or fallen. The memecoin neighborhood hopes that Dogecoin will probably be additional incorporated into Musk’s numerous companies as he has repeatedly proven support for the coin.

Since Musk acquired Twitter, there have been rumors that Doge might grow to be the defacto foreign money for “tipping” creators on the platform. There is no such thing as a credible proof to substantiate the rumors to date. 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 workforce 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 large is at the moment making use of for licenses within the U.S. on a state and federal degree.

In accordance with the experiences, Musk intends to initially deal with gaining approval for fiat and hopes to have the ability to develop that into crypto down the road.

On the time of press, Dogecoin is ranked #9 by market cap and the DOGE worth is down 2.89% over the previous 24 hours. DOGE has a market capitalization of $10.8 billion with a 24-hour buying and selling quantity of $726.9 million. Learn more ›

DOGEUSD Chart by TradingView

Dogecoin On-Chain Evaluation
Market abstract

On the time of press, the worldwide cryptocurrency market is valued at at $996.01 billion with a 24-hour quantity of $55.87 billion. Bitcoin dominance is at the moment at 41.84%. Learn more ›

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