Elon Musk & Rupert Murdoch’s Super Bowl Surprise: What It Means for Dogecoin

On Sunday, February 14th, 2021, the most powerful media mogul on the planet and Tesla CEO Elon Musk were spotted sitting together at the Super Bowl.^[0] The pairing of the two powerful figures came as a surprise to many, as Musk had seemingly been anti-establishment and had recently tweeted his thoughts on the press, garnering a lot of attention on social media.^[1] The photo of Musk and Rupert Murdoch quickly went viral, with people taking to Twitter to express their opinions on the two powerful figures getting along.^[2]

However, this wasn’t the only time Elon Musk has made headlines lately.^[3] The self-proclaimed “Dogefather” has also been in the news for his involvement in Dogecoin.^[4] As a prominent figure in the tech industry and a well-known advocate for cryptocurrencies, Musk’s opinions and actions have had an impact on the entire cryptocurrency market.^[5] As an example, the value of Bitcoin and other digital currencies such as Dogecoin were drastically reduced due to his condemnation of the energy consumption required for Bitcoin.^[6]

In December of 2021, Musk had polled his more than 100 million Twitter followers about whether he should stay on as “Chief Twit,” with the majority of voters preferring that he step down. After announcing his resignation, Musk made a joke by declaring his dog, Floki, as the new CEO of Twitter. The decision to reveal his dog as a replacement has been humorously dubbed a “smart move in crypto.”^[7]

The billionaire’s one-worded mention of Dogecoin at the Super Bowl led to it gaining a 3.6 percent increase in value up to $0.085.^[8] Dogecoin price also jumped over 5%, but soon gave up the earlier gains due to profit-taking by investors.^[9] As of writing, DOGE is trading at $0.08866, up 2%.^[10]

Musk’s tweets have a proven track record of impacting the market, whether he’s posting about Tesla merchandise or considering taking the company private.^[11] This trend was no different with Dogecoin – Musk’s tweet led to a surge in the price of the coin and continues to feed the hope that it's only a matter of time before DOGE attracts another major, Elon Musk-owned adopter.^[12]

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. “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

2. “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

3. “Elon Musk Sports Dogecoin T-Shirt at Super Bowl” U.Today, 13 Feb. 2023, https://u.today/elon-musk-sports-dogecoin-t-shirt-at-super-bowl

4. “Musk Effect Gears Up Meme-Coin Market: Dogecoin, Floki Inu, and Big Eyes Coins Are Among The Top Gainers” Atalayar, 16 Feb. 2023, https://atalayar.com/en/content/musk-effect-gears-meme-coin-market-dogecoin-floki-inu-and-big-eyes-coins-are-among-top

5. “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

6. “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

7. “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/

8. “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

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

10. “Dogecoin News: Whales Scoops DOGE Token After Musk Tweet” CoinGape, 16 Feb. 2023, https://coingape.com/dogecoin-news-whale-scoops-doge-elon-musk/

11. “Power Of The Dog? Elon Musk's Canine Tweet Has Traders Howling: The Latest On Shiba Inu, Dogecoin, Floki” Benzinga, 14 Feb. 2023, https://www.benzinga.com/markets/cryptocurrency/23/02/30933825/power-of-the-dog-elon-musks-canine-tweet-has-traders-howling-the-latest-on-shiba-inu-dogec

12. “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