Elon Musk Hypes DOGE At Super Bowl; Meme Coin's Price Immediately Spikes 5%

The price of Dogecoin (DOGE), the world's first-ever dog-themed meme coin, immediately surged by over 5% after tech billionaire and Chief Twit Elon Musk hyped his favorite crypto asset at this year's Super Bowl.

While Musk has been mysteriously silent about Dogecoin over the past weeks, it seemed like he made sure to "shill" his favorite crypto asset at one of the most-watched annual sporting events in the world, the Super Bowl.

Photos of the tech billionaire at the State Farm Stadium in Glendale, the place where this year's Super Bowl was held, immediately circulated online and one of them shook the DOGE community.

The photos in question show Musk wearing a black t-shirt with the logo of the crypto asset wearing a cowboy hat printed in front.

DOGE hodlers were hyped since Musk's actions and statements about the meme coin often lead to a surge in the crypto asset's value.

Critics, on the other hand, argued that Musk's affinity and promotion of the dog-themed meme coin have fueled a speculative bubble. He previously insisted on calling Dogecoin the "people's cryptocurrency" and picked the crypto asset as one of three cryptocurrencies "with a future."

Aside from wearing a DOGE shirt, a photo showing Musk talking to Fox News owner Rupert Murdoch also stole the attention of the Dogecoin community.

The tweet which featured the photo of two billionaires seated next to each other came with a caption asking what they were talking about. While many gave convincing answers, Musk responded to the tweet with a single word, "Dogecoin."

Musk's Super Bowl Dogecoin shill spiked the price of the meme coin by 5.7% as it traded at 0.0857 from its previous price of 0.08107.

Dogecoin has been trading in the green zone since the start of 2023. So far this year, it witnessed a 19% gain, beating Ethereum, which saw an 18% gain but was below Bitcoin, which saw a 30% gain.

Musk has helped DOGE in a lot of ways, as aside from shilling the meme coin, he also adopted it as a form of payment in the Tesla merchandise store.

With Musk's acquisition of the social media platform Twitter and his plan to turn it into a payments system using fiat and crypto, Dogecoin hodlers are hopeful that the tech billionaire would use DOGE as a form of payment in the platform.

However, the 5.7% gain DOGE saw earlier was erased as the meme coin's price slipped back. As of 10:44 a.m. ET on Monday, DOGE was trading down 2.94% at $0.08156 with a 24-hour volume of $739,822,992, according to the latest data from CoinMarketCap.