Dogecoin Immediately Jumped 5% After Elon Musk's Super Bowl Joke

When you're in the position that Elon Musk is in, you can never underestimate the power of your words. That's why the man recently emerged from a court case where he was accused of fraud because of something he'd jokingly posted on Twitter. Musk seems to forget sometimes that he has this sort of impact, whether or not he's being serious. Then again, maybe he doesn't forget.

Perhaps when he puts these comments out in the world, he wants them to have some influence? Maybe that's why when he was asked what he and Rupert Murdoch were talking about at Super Bowl LVII, he replied with "Dogecoin"? His joke ended up having a positive effect on the cryptocurrency, leading it to jump 5%. Unfortunately, the power of his words didn't have as long of an impact as Dogecoin fans probably would have liked.

Elon Musk was pictured at Super Bowl LVII with Rupert Murdoch

Every year, the Super Bowl attracts interest from millions of fans both in the US and overseas. People who wouldn't normally follow the actions of the two teams competing put their own NFL interests aside from one day to celebrate this iconic sporting event. That includes plenty of celebrities, such as Elon Musk, who was actually pictured at Super Bowl LVII. He was sitting next to Rupert Murdoch, prompting one person on Twitter to wonder what the two of them talked about during the game. Musk, who's never one to shy away from posting on his social media platform, responded to their tweet with one word - “Dogecoin.”

His Dogecoin joke gave the cryptocurrency a temporary surge of 5%

The notion that two billionaires might be discussing cryptocurrency together isn't all that unbelievable. However, given that Dogecoin is a meme-inspired cryptocurrency, it's likely that Musk was simply joking when he provided that response. It didn't matter, though. As soon as he brought it up, the token apparently surged up to 5% on February 13. However, this was only a temporary climb. According to CoinMarketCap, it soon lost most of its gains, indicating that this was one time when Musk's words didn't have that significant of an effect. Still, his joke doesn't seem to have done any harm to Dogecoin, which has reportedly gained 19% since the start of the year.

Elon Musk's relationship with Dogecoin hasn't always been a positive one

It's perhaps no surprise that this was the cryptocurrency that Elon Musk went for in his joke, given the relationship he's shared with Dogecoin for many years now. He's apparently dubbed himself the "Dogefather" because of how often he's hyped it up and consequently influenced its gains. Whereas most cryptocurrencies take their cue from Bitcoin, Dogecoin seems to take it's from Musk himself. This relationship hasn't always been a good thing, though. In 2022, a lawsuit was filed against the billionaire accusing him of running a pyramid scheme to support the cryptocurrency. Amounting to $258 billion, the lawsuit claimed that he and his various companies intentionally drove up the price of Dogecoin and then let it crash. The outcome of this lawsuit is currently unclear.

The power to influence cryptocurrency the way that Elon Musk does is relatively unique to the billionaire. However, as evidenced by the latest surge, the influence he has might not be as significant as it used to be. Otherwise, the cryptocurrency probably wouldn't have lost its gains as quickly as it made them.