The asset surged by 4.8% in 15 minutes after the billionaire’s lighthearted comments.
Elon Musk – American investor and CEO of Twitter, SpaceX, and Tesla – recently created a buzz with his clever response to inquiries about his meeting with Fox News owner.
Genevieve Roch-Decter, a renowned finance writer and the CEO of GRIT, a financial media company, recently utilized Twitter to draw attention to an observation made at the recently concluded Super Bowl LVII. Roch-Decter noted the presence of Elon Musk seated alongside Rupert Murdoch, the owner of Fox News. She asked the public about the discussion between the two influential figures but noted that only “wrong answers” are welcomed.
Elon Musk is sitting next to Fox News owner Rupert Murdoch at the SuperBowl.
What are they talking about?
Wrong answers only. pic.twitter.com/rUGXQGTm2P
— Genevieve Roch-Decter, CFA (@GRDecter) February 13, 2023
In response to the observation, Musk made a reply, stating simply, “Dogecoin.” This response from the billionaire has since elicited a reaction from the general public and the Dogecoin community. The public is divided in their interpretation of the statement, with some considering it a profound statement and others considering it a playful remark, given Musk’s well-known tendency to make humorous comments on Twitter.
— Elon Musk (@elonmusk) February 13, 2023
Regardless of the intent behind his statement, Musk’s reply significantly impacted the price of Dogecoin. The statement was made at 04:20 UTC when the value of DOGE was $0.08171. Within just fifteen minutes, at 04:35 UTC, the asset had experienced a 4.8% increase, rising to $0.0857. This sudden shift in value has generated considerable attention and speculation.
Despite facing opposition at the $0.0857 high, Dogecoin has still retained a 2.75% gain in the past 24 hours, making it the highest gainer among the top 20 assets by valuation. The asset is currently trading for $0.084 as of press time. These gains have come up at a time when most assets are either trading flat or registering losses.
Elon Musk’s DOGE Advocacy
Although Elon Musk’s enthusiastic advocacy for Dogecoin has waned recently, he still remains a staunch proponent of the token. His comments and teases about the asset have often resulted in inflows and surges, leading to questions about market manipulation.
DOGE experienced inflows to the tune of $1.5B and a 15% surge after Musk exclaimed, “Dogecoin to the moon” in a Twitter space in November 2022. Moreover, following a series of hints at developing a payment system for Twitter with DOGE integrated, Musk was alleged to have been working on a Twitter payment for the asset, according to CEO of Final Stand Matt Wallace in a tweet last November.