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? …improper 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 factors 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 yr of crypto corporations collapsing.
Regardless of the inexperienced 2023, DOGE is down 89.2% from its all-time excessive of $0.75, in keeping with CryptoSlate information.
Musk, Twitter & Dogecoin
Resulting from Musk’s tweets and information about him and his corporations, Dogecoin’s value has nearly all the time spiked or fallen. The memecoin neighborhood hopes that Dogecoin will likely be additional integrated into Musk’s varied companies as he has commonly proven help for the coin.
Since Musk acquired Twitter, there have been rumors that Doge could grow to be the defacto foreign money for “tipping” creators on the platform. There isn’t a credible proof to substantiate the rumors to date. 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 crew in January to find out how Twitter can faucet into the monetary companies market as a digital cost processor, which might embody crypto. The social media big is at the moment making use of for licenses within the U.S. on a state and federal stage.
In keeping with the reviews, Musk intends to initially deal with gaining approval for fiat and hopes to have the ability to increase that into crypto down the road.
On the time of press, Dogecoin is ranked #9 by market cap and the DOGE value 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. Study extra ›
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%. Study extra ›
