- Elon Musk joked that he was talking to Rupert Murdoch about meme token Dogecoin at Super Bowl LVII.
- Asked in a tweet what the two billionaires were talking about, Musk simply said: “Dogcoin.”
- Dogecoin rose as much as 5% on Musk’s comments, but slid back down on Monday.
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Tech guru Elon Musk joked that he was talking to Rupert Murdoch at Sunday’s Super Bowl about meme-inspired cryptocurrency Dogecoin.
Two billionaires were watching the Philadelphia Eagles and the Kansas City Chiefs compete in a game in which the latter team took home the trophy.
one in do posted a photo of the pair sitting next to each other with the caption asking what they were discussing, Musk simply said: “Dogcoin.”
This immediately pushed Meme Token up 5% on Monday. At the time of writing, Dogecoin had slipped back, erasing most of its earlier gains, according to CoinMarketCap.
Musk has been a longtime champion of Dogecoin, adopting it as a form of payment in Tesla’s merchandise stores. There is also speculation that the billionaire CEO could use Dogecoin as a payment option on Twitter following the acquisition of the social-media platform.
Dogecoin is up 19% so far this year, and its growth comes as the broader crypto market recovers from the fallout of the FTX collapse. So far in 2023, the world’s two largest coins, bitcoin and ethereum, are up 30% and 18%, respectively.
In January, the total value of the crypto market exceeded $1 trillion for the first time since the collapse of FTX. It has fallen below that mark over the past week as troubles at digital-asset exchange Kraken weighed on market sentiment and investors awaited the latest US inflation data.
OANDA analyst Craig Erlam said, “Investors can bet on how high interest rates the Fed will have to go and whether this could support a broader move lower for all riskier assets, especially crypto.”