At the Super Bowl, Elon Musk and Rupert Murdoch make fun of Dogecoin.
Tech tycoon Elon Musk made a jokey tweet about a discussion he was having with media tycoon Rupert Murdoch during Sunday’s Super Bowl. The tweet featured a photo of the two sharing a seat along with the question, “What are they talking about?” Short and to the point, Musk said, “Dogecoin.”
Boosted by Musk’s Tweet, Dogecoin
On Monday, the meme-inspired cryptocurrency Dogecoin rose up to 5% in response to the mention. This is hardly shocking considering that Musk has long supported Dogecoin and even accepted it as payment in Tesla’s shop for goods.
The Rise of Dogecoin in the Crypto Market
As the larger cryptocurrency market bounces back from the fallout of the FTX meltdown, Dogecoin has witnessed a 19% increase so far this year. Bitcoin and Ethereum, two of the biggest tokens in the world, have increased 30% and 18%, respectively, in 2023. For the first time since the FTX collapse, the entire value of the cryptocurrency market crossed $1 trillion in January.
The market, however, has dropped below that level over the past week as a result of Kraken’s regulatory issues and investors’ anticipation of the most recent US inflation data. Investors “may ramp up bets on how high the Fed would have to push interest rates and that could support a wide move lower for all risky assets, notably crypto,” according to OANDA analyst Craig Erlam.