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

After Elon Musk, Dogecoin Soars 5% on Feb 13 murmured About the meme coin, he jokingly replied to a photo of him sitting with Fox News owner Rupert Murdoch, captioning it:

“What are they talking about? … only wrong answers.”

Despite the humorous nature of the tweet and Musk’s joking response, memecoin climbed to $0.086 before returning to 0.081, eliminating the gains made following the tweet.

DOGE is up about 19% year-to-date, and the crypto market as a whole is showing early signs of recovery after a tumultuous year when crypto companies collapsed.

Despite being green in 2023, DOGE is down 89.2% from its all-time high of $0.75. crypto slate data.

Musk, Twitter, Dogecoin

Thanks to Musk’s tweets and news about him and his company, Dogecoin’s price is almost always going up or down. The memecoin community hopes Dogecoin will be further integrated into Musk’s various businesses that have regularly shown their support for the coin.

Since Musk’s acquisition of Twitter, rumors have swirled that Doge could become the de facto currency for “tipping” creators on the platform. So far, there is no credible evidence to support the rumors. His Dogecoin narrative on Twitter seems to have failed to a large extent after Musk decided that he would step down as CEO if a suitable replacement could be found.

However, Musk reportedly hired a small team in January to consider how Twitter could enter the financial services market as a digital payment processor that could include cryptocurrencies. The social media giant is currently applying for licenses in the US at the state and federal levels.

According to reports, Musk initially intends to focus on getting fiat currency approval, and hopes to expand it to cryptocurrencies in the future.