KEY POINTS
Musk previously insisted on calling Dogecoin the ‘people’s cryptocurrency’He had picked DOGE as one of three cryptocurrencies ‘with a future’As of 10:44 a.m. ET on Monday, DOGE was trading down 2.94% at $0.08156
The price of Dogecoin (DOGE), the world’s first-ever dog-themed meme coin, immediately surged by over 5% after tech billionaire and Chief Twit Elon Musk hyped his favorite crypto asset at this year’s Super Bowl.
While Musk has been mysteriously silent about Dogecoin over the past weeks, it seemed like he made sure to “shill” his favorite crypto asset at one of the most-watched annual sporting events in the world, the Super Bowl.
Photos of the tech billionaire at the State Farm Stadium in Glendale, the place where this year’s Super Bowl was held, immediately circulated online and one of them shook the DOGE community.
The photos in question show Musk wearing a black t-shirt with the logo of the crypto asset wearing a cowboy hat printed in front.
Elon Musk wore $DOGE t-shirt at the #SuperBowl
He never misses a chance to shill #Dogecoin 🚀#DogecoinToTheMoon pic.twitter.com/VFyRcwYl2Z
— EvanLuthra.eth (@EvanLuthra) February 13, 2023
DOGE hodlers were hyped since Musk’s actions and statements about the meme coin often lead to a surge in the crypto asset’s value.
Critics, on the other hand, argued that Musk’s affinity and promotion of the dog-themed meme coin have fueled a speculative bubble. He previously insisted on calling Dogecoin the “people’s cryptocurrency” and picked the crypto asset as one of three cryptocurrencies “with a future.”
Aside from wearing a DOGE shirt, a photo showing Musk talking to Fox News owner Rupert Murdoch also stole the attention of the Dogecoin community.
The tweet which featured the photo of two billionaires seated next to each other came with a caption asking what they were talking about. While many gave convincing answers, Musk responded to the tweet with a single word, “Dogecoin.”
Dogecoin
— Elon Musk (@elonmusk) February 13, 2023
Musk’s Super Bowl Dogecoin shill spiked the price of the meme coin by 5.7% as it traded at 0.0857 from its previous price of 0.08107.
Dogecoin has been trading in the green zone since the start of 2023. So far this year, it witnessed a 19% gain, beating Ethereum, which saw an 18% gain but was below Bitcoin, which saw a 30% gain.
Musk has helped DOGE in a lot of ways, as aside from shilling the meme coin, he also adopted it as a form of payment in the Tesla merchandise store.
With Musk’s acquisition of the social media platform Twitter and his plan to turn it into a payments system using fiat and crypto, Dogecoin hodlers are hopeful that the tech billionaire would use DOGE as a form of payment in the platform.
However, the 5.7% gain DOGE saw earlier was erased as the meme coin’s price slipped back. As of 10:44 a.m. ET on Monday, DOGE was trading down 2.94% at $0.08156 with a 24-hour volume of $739,822,992, according to the latest data from CoinMarketCap.
Reuters
2023-03-06 13:00:04
Article from www.ibtimes.com
The digital currency Dogecoin has experienced a surge of over 5% in its price after a recent endorsement from Elon Musk, the CEO of Tesla and SpaceX. This sudden rise in popularity has reignited interest in the cryptocurrency, which had previously been considered a mere joke by most investors.
Dogecoin, created in 2013 by Billy Markus and Jackson Palmer, is a cryptocurrency that features the famous Shiba Inu dog as its mascot. The currency was created as a satirical response to the growing popularity of Bitcoin and other cryptocurrencies. However, it has gained a following thanks to its low barrier to entry and its association with internet memes and humor.
Musk’s endorsement of Dogecoin came during a Super Bowl commercial for his other company, SpaceX. In the ad, a SpaceX astronaut is seen planting the Dogecoin flag on the moon, accompanied by a caption that reads, “to the moon”. This reference to Dogecoin’s growing popularity on social media and its potential for huge profits has sparked a renewed interest in the cryptocurrency.
The surge in Dogecoin’s price is not surprising given Elon Musk’s influence and reputation as a tech billionaire. Musk has been known to tweet about cryptocurrencies in the past, which has caused fluctuations in their prices. His endorsement of Dogecoin is yet another example of his power to influence the market.
However, some experts have warned that investors should be cautious when it comes to investing in cryptocurrencies like Dogecoin. Unlike traditional currencies or stocks, cryptocurrencies are not regulated by centralized authorities and their value can fluctuate rapidly. This makes them a high-risk investment that should only be considered by those who can afford to lose their investment.
Despite the risks, the recent surge in Dogecoin’s price is a sign that cryptocurrencies are becoming more mainstream and are no longer just the domain of online enthusiasts. With more prominent figures endorsing cryptocurrencies, it is likely that their popularity will continue to grow and their value will become more stable.
In conclusion, the surge in Dogecoin’s price following Elon Musk’s Super Bowl endorsement is a clear indication of the growing interest in cryptocurrencies. While investors should be careful when investing in cryptocurrencies, the recent developments suggest that cryptocurrencies are here to stay and are set to become a major player in the financial world in the coming years.