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? …incorrect 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 12 months 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 information.
Musk, Twitter & Dogecoin
Resulting from Musk’s tweets and information about him and his corporations, 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 usually proven help for the coin.
Since Musk acquired Twitter, there have been rumors that Doge might turn out to be the defacto foreign money for “tipping” creators on the platform. There isn’t any credible proof to substantiate the rumors up to now. After Musk determined to step down as CEO as soon as an ample 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 companies market as a digital fee processor, which might embrace crypto. The social media large is at present making use of for licenses within the U.S. on a state and federal stage.
In keeping with the reviews, Musk intends to initially give attention to 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. Be taught extra ›
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 present at 41.84%. Be taught extra ›