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

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


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The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $21,551.67 and BTC market dominance is %. The price of Ethereum is $1,478.83 and ETH market dominance is %. The best performing cryptoasset sector is Yield Farming, which gained 6%.
Elon Musk responded to a photo of him sitting next to Rupert Murdoch during the Super Bowl on Feb 12.
Cover art/illustration via CryptoSlate
Dogecoin spiked 5% on Feb. 13 after Elon Musk tweeted about the memecoin in a joking reply 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 climbed to as high as $0.086 before retracing to 0.081 and eliminating the gains made following the tweet.
DOGE is up roughly 19% year-to-date as the overall crypto market is showing early signs of recovery following a tumultuous year of crypto firms collapsing.
Despite the green 2023, DOGE is down 89.2% from its all-time high of $0.75, according to CryptoSlate data.
Due to Musk’s tweets and news about him and his companies, Dogecoin’s price has almost always spiked or fallen. The memecoin community hopes that Dogecoin will be further incorporated into Musk’s various businesses as he has regularly shown support for the coin.
Since Musk acquired Twitter, there have been rumors that Doge may become the defacto currency for “tipping” creators on the platform. There is no credible evidence to substantiate the rumors so far. After Musk decided to step down as CEO once an adequate replacement is found, the Dogecoin on Twitter narrative seems to have fizzled out to a large degree.
However, Musk reportedly hired a small team in January to determine 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 U.S. on a state and federal level.
According to the reports, Musk intends to initially focus on gaining approval for fiat and hopes to be able to expand that into crypto down the line.
At the time of press, Dogecoin is ranked #9 by market cap and the DOGE price is down 4.24% over the past 24 hours. DOGE has a market capitalization of $10.72 billion with a 24-hour trading volume of $754.6 million. Learn more ›
DOGEUSD Chart by TradingView
At the time of press, the global cryptocurrency market is valued at at $991.93 billion with a 24-hour volume of $57.8 billion. Bitcoin dominance is currently at 41.91%. Learn more ›
Login to the CryptoSlate Edge Telegram channel to talk about this story.
CryptoSlate’s latest market report dives deep into Bitcoin on-chain data suggesting that the bear market might be coming to an end.
Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
South African-born Elon Musk has founded several companies, including X dot com (which later became PayPal), SpaceX and Tesla Motors.
Twitter, Inc is an American social media company based in San Francisco, California that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
“Financing purchases of Bitcoin by issuing tokenized securities should be eschewed because of fiscal risks,” the IMF said.
Binance implemented the upgrade following Vitalik Buterin’s suggestions on improving transparency of proof-of-reserves systems.
The SEC has issued a Wells notice to Paxos regarding Binance USD, although it is uncertain whether the notice relates to issuance or listing.
The IRS said tax and reporting requirements are now mandatory for everyone who received, earned, transferred, or sold cryptocurrencies.
Hoskinson fears the US SEC might lump all staking protocols together “due to a fundamental misunderstanding about the actual facts of operation and design.”
The regulatory leader said that staking rules will protect investor funds.
XRP, FIL and OP have the largest estimated locked value with $17.9 billion, $4.9 billion, and $3.7 billion, respectively.
FTX funded FUD against Binance and the impact of AI in crypto were discussed during a recent Twitter AMA with the Binance CEO.
Roughly $50 million of SBF’s deposit has been seized by prosecutors – Alameda invested $11.5 million earlier in the same bank.
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