- Elon Musk joked that he was talking to Rupert Murdoch about the dogecoin token meme at Super Bowl LVII.
- In a tweet asking what the two billionaires were talking about, Musk simply said, "Dogecoin."
- Dogecoin shot up as much as 5% on Musk's comment only to fall again on Monday.
Tech guru Elon Musk joked that he was talking to Rupert Murdoch about the meme-inspired cryptocurrency Dogecoin at the Super Bowl on Sunday.
The two billionaires were watching the Philadelphia Eagles and Kansas City Chiefs compete in a game in which the latter team took home the trophy.
in a cheep who posted a photo of the couple sitting next to each other with a caption asking what they were arguing about, Musk simply said, "Dogecoin."
He sent the meme token immediately rising as much as 5% on Monday. At the time of writing, dogecoin had pulled back to wipe out most of its previous gains, according to CoinMarketCap.
Musk has been a longtime advocate of dogecoin, having adopted it as a form of payment at the Tesla merchandise store. there has also been speculation that the billionaire CEO could use dogecoin as a payment option on Twitter following his acquisition of the social media platform.
Dogecoin has gained 19% year-to-date, with its rise coming as the broader crypto market reels from the fallout from the FTX crash. So far in 2023, two of the world's largest tokens, bitcoin and ethereum, are up 30% and 18%, respectively.
In January, the total value of the The crypto market surpassed a trillion dollars for the first time since the FTX collapse. It has dipped below that mark over the past week as digital asset exchange Kraken's issues with regulators weighed on market sentiment and investors awaited the latest US inflation data.
"Investors could increase their bets on how high the Fed will have to take interest rates and that could support a broad move lower for all risk assets, especially cryptocurrencies," said OANDA analyst Craig Erlam.
