Dogecoin climbs 5% before coming back after Elon Musk’s latest tweet

Dogecoin jumped 5% on February 13 after Elon Musk tweeted about memecoin in a joking response to a photo of him sitting with Fox News owner Rupert Murdoch with the caption:

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

Despite the humorous nature of the tweet and Musk’s joking response, the memecoin spiked as high as $0.086 before falling back to 0.081 and wiping out the gains made after the tweet.

DOGE is up about 19% year-to-date as the overall crypto market shows early signs of recovery after a tumultuous year of crypto business meltdowns.

Despite green 2023, DOGE is down 89.2% from its all-time high of $0.75, according to CryptoSlate data.

Musk, Twitter and Dogecoin

Due to Musk’s tweets and news about him and his businesses, the price of Dogecoin has almost always gone up or down. The memecoin community hopes that Dogecoin will be more integrated into Musk’s various activities, as he has regularly shown his support for the coin.

Ever since Musk acquired Twitter, there have been rumors that Doge could become the de facto currency for “tips” creators on the platform. There is no credible evidence to back up the rumors so far. After Musk decided to step down as CEO once a suitable replacement was found, the Dogecoin Twitter narrative appears to have largely collapsed.

However, Musk reportedly hired a small team in January to work out how Twitter can tap into the financial services market as a digital payment processor, which could include crypto. The social media giant is currently applying for licenses in the United States at the state and federal level.

According to reports, Musk intends to focus initially on gaining approval for fiat and hopes to expand that to crypto down the line.