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

Dogecoin spiked 5% on Feb. 13 after Elon Musk tweeted concerning 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 beneficial properties 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 virtually all the time spiked or fallen. The memecoin group hopes that Dogecoin will likely be additional included into Musk’s numerous companies as he has usually proven assist 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 this point. After Musk determined to step down as CEO as soon as an ample substitute is discovered, the Dogecoin on Twitter narrative appears to have fizzled out to a big diploma.

Nevertheless, Musk reportedly employed a small group in January to find out how Twitter can faucet into the monetary companies market as a digital cost processor, which may embrace crypto. The social media big is presently making use of for licenses within the U.S. on a state and federal stage.

In response to the stories, Musk intends to initially deal with gaining approval for fiat and hopes to have the ability to increase that into crypto down the road.