Elon Musk’s Impact on Dogecoin: The ‘Dogefather’s’ Influence on Crypto Markets

On Sunday, February 7th, 2021, Elon Musk, the billionaire CEO of Tesla and SpaceX, was seen watching the Super Bowl alongside Rupert Murdoch, the founder of Fox News and owner of the Fox empire.[0] After Rihanna’s halftime show, the two were spotted sitting together on network television.[0] This follows Musk’s announcement that he would be stepping down from his position as Twitter CEO after a poll on his account revealed that the majority of his followers preferred that he step down.[1]

The sighting of Musk and Murdoch together at the game caused a stir among online users, many of whom questioned the relevance of the seating arrangement. Musk is commonly thought of as a figure with anti-establishment views, and his tweet from the day before seemed to disapprove of Murdoch’s business practices.[2]

Elon Musk’s presence in the cryptocurrency world has also had an impact, and his involvement in Dogecoin has caused much speculation and hype. His tweets often reflect the lighthearted and humorous culture of Dogecoin, and his support has helped further strengthen the community and increase the coin’s popularity and demand.

The Dogefather’s appearance at the game also had an immediate impact on the price of Dogecoin.[3] In response to a tweet from Grit Capital CEO Genevieve Roch-Decter asking users to give wrong answers about what Musk and Murdoch were talking about, Musk quipped “Dogecoin”.[4] His one-worded mention of the cryptocurrency resulted in a 3.6% increase in its value to $0.085.[5]

Overall, Musk’s Twitter activity has been a major driving force behind the success of Dogecoin, and his influence can be seen in broader cryptocurrency trends as well.[6] For instance, his criticism of Bitcoin’s energy consumption caused a significant drop in the value of the cryptocurrency, and this in turn had an impact on other digital assets like Dogecoin.[7]

Musk’s tweets have been known to move markets, and this latest example is no exception.[8] His tweet featuring his pet dog not only led to a surge in the prices of dog-themed cryptocurrencies, but it also humorously dubbed a smart move in crypto.[1]

Although he has faced criticism for using his platform to manipulate cryptocurrencies, it’s clear that Elon Musk’s involvement in Dogecoin has been a major factor in its success and popularity over the past year.

0. “What Elon Musk Said As His Pic Sitting Next To Rupert Murdoch At Super Bowl Goes Viral” NDTV, 12 Feb. 2023, https://www.ndtv.com/feature/what-elon-musk-said-as-his-pic-sitting-next-to-rupert-murdoch-at-super-bowl-goes-viral-3778676

1. “Will Elon Musk’s Tweet Hold DOGE’s Price Trend? Here’s What To Expect From Dogecoin Next” Coinpedia Fintech News, 16 Feb. 2023, https://coinpedia.org/price-analysis/will-elon-musks-tweet-hold-doges-price-trend-heres-what-to-expect-from-dogecoin-next/

2. “Elon Musk is cribbing from Rupert Murdoch’s right-wing media playbook” Media Matters for America, 13 Feb. 2023, https://www.mediamatters.org/twitter/elon-musk-cribbing-rupert-murdochs-right-wing-media-playbook

3. “Fox Simps as ‘Brilliant Minds’ Elon Musk, Rupert Murdoch Sit Together at Super Bowl” The Daily Beast, 13 Feb. 2023, https://www.thedailybeast.com/fox-fawns-over-elon-musk-sitting-next-to-rupert-murdoch-at-the-super-bowl

4. “Elon Musk Reignites ‘Dogefather’ Status at Superbowl LVII” ZyCrypto, 13 Feb. 2023, https://zycrypto.com/elon-musk-reignites-dogefather-status-at-superbowl-lvii/

5. “Elon Musk sits next to billionaire Rupert Murdoch, and netizens aren’t happy about it” Republic World, 13 Feb. 2023, https://www.republicworld.com/world-news/us-news/elon-musk-sits-next-to-billionaire-rupert-murdoch-and-netizens-arent-happy-about-it-articleshow.html

6. “Dogecoin Price Prediction as Elon Musk Posts Photo of His Dog on Twitter – Is Elon Buying More DOGE?” Cryptonews, 16 Feb. 2023, https://cryptonews.com/news/dogecoin-price-prediction-as-elon-musk-posts-photo-of-his-dog-twitter-is-elon-buying-more-doge.htm

7. “Doge Price Big Boost: Is Elon Musk Set to Rocket Dogecoin Price to $5?” CryptoTicker.io – Bitcoin Price, Ethereum Price & Crypto News, 15 Feb. 2023, https://cryptoticker.io/en/set-to-rocket-dogecoin-price-to-5

8. “Elon Musk’s dog added $500 million to Dogecoin’s market cap in 15 minutes” Fortune, 15 Feb. 2023, https://fortune.com/crypto/2023/02/15/elon-musk-dogecoin-shiba-inu-floki-twitter-dog