Elon Musk Boosts Dogecoin By 5% During Super Bowl

Twitter CEO Elon Musk put the Dogecoin price on a short rally of 5.7% a few hours ago as he once again expressed his love for the meme coin. After the Twitter acquisition, the hype around DOGE had been dwindling, partly because Musk has some issues to resolve at his new company and is struggling with declining advertising revenue.

The Twitter Coin also caused a damper within the Dogecoin community, as the Reddit-like reward system will initially only use fiat gateways, and not the meme coin as a means of payment. As it stands, crypto payments on Twitter have slipped down the priority list for now.

However, Elon Musk showed that he is still a big fan of DOGE on two occasions during the NFL Super Bowl LVII game between the Kansas City Chiefs and the Philadelphia Eagles. The first surprise Musk had in store for the Dogecoin community was that he wore a Dogecoin fan shirt during the game, featuring a Shiba Inu wearing sunglasses and a cowboy hat.

Elon Musk Talking Dogecoin

In addition, the Tesla CEO caused a DOGE price spike with just a one-word tweet in which he said he talked about Dogecoin with Fox News owner Rupert Murdoch at Sunday’s Super Bowl football game.

The fact that Musk and Murdoch sat and talked at the event has already sparked speculation about what the two financial tycoons have to talk about and whether the two entrepreneurs could be planning any joint projects in the future.

And Elon Musk once again showed his influence on the DOGE price when he responded to a tweet from Genevieve Roch-Decter, CEO of Grit Capital, who invited users to give wrong answers about what Elon Musk and Rupert Murdoch are talking about at the Super Bowl. Musk answered: “Dogecoin.”

Whether Musk and Murdoch really did talk about Dogecoin is unknown – especially since Roch-Decter asked for only false answers. It seems more likely that DOGE was at least not the main topic of their conversation, and the answer was rather a distraction as well as another gift to the Dogecoin community after Musk already showed up in his DOGE fan shirt at the Super Bowl.

Nonetheless, Elon Musk has breathed new life into the DOGE price – in a crypto market that is still digesting the U.S. Securities and Exchange Commission’s action against Kraken over its crypto-staking offering. At press time, the DOGE price stood at $0.0842.

However, the 4-hour chart shows that the rally came to an early end when the price hit the resistance area at $0.0862. Thus, DOGE also failed to rise above the 200-EMA in the 4-hour chart.

Dogecoin DOGE
DOGE price rejected at resistance, 4-hour chart | Source: DOGEUSD on TradingView.com

Featured image from Coinmarketcap, Chart from TradingView.com

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