Why Is Dogecoin (DOGE) Suddenly Up 4%?

Dogecoin DOGE/USD spiked 4% at 11:53 p.m. EST after Elon Musk sarcastically said it was the subject of his conversation with the Murdochs at the Super Bowl VIP box.

What Happened: Musk responded to a tweet that contained a photo of him sitting next to the media tycoon Rupert Murdoch and his daughter Elisabeth.

The poster had wondered what they were talking about and Musk said the conversation was about “Dogecoin.”

DOGE broke away from the downtrend in cryptocurrencies to rise 3.6% to $0.085 at press time. For the week, the meme coin is down 4.5%.

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The cryptocurrency’s trading volume spiked 192.8% to $645.79 million at press time, according to CoinMarketCap data.

Why It Matters: Musk’s mentions of the meme cryptocurrency often send it soaring. He is a well-known DOGE aficionado and his takeover of Twitter has further enthused the community surrounding the Shiba-Inu-themed cryptocurrency.

In November, it was revealed that Twitter was working on a cryptocurrency wallet that supports deposits and withdrawals. It was speculated at the time that should such a wallet be introduced, DOGE would be the default currency for it.

$DOGEDogecoin

$0.18919.90%