Tesla's Elon Musk Mentions Dogecoin During The Super Bowl, Causing The Cryptocurrency To Surge

In a tweet he sent on Sunday night, Musk responded to a response made by Rupert Murdoch by joking that he and Musk were talking about cryptocurrency dogecoin at the Super Bowl, which won the game by a touchdown.

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The CEO of Tesla Inc., Elon Musk, was sitting next to News Corp. CEO Rupert Murdoch, -0.63% chairman of Fox Corp. FOX, -0.39%, watching a game between the Philadelphia Eagles and Kansas City Chiefs. 

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It has been reported in the media that in a tweet Musk replied, "We cannot ignore dogecoin," in response to an apparent question from a Twitter user.

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A recent study by Trade Algo showed that the price of the meme-based cryptocurrency jumped 5% on Sunday night, but then plunged back down again on Monday morning, wiping out its gains over the past 24 hours.

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The Tesla merchandise store accepts dogecoin as payment as well, and Musk has long been an advocate of cryptocurrency. Musk had previously discussed personally owning dogecoin. After Musk acquired Twitter for $44 billion last year, it was rumored that dogecoin could soon become an accepted payment method for Twitter.

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After the collapse of the crypto exchange FTX in November, Dogecoin has gained 15% this year, trading at $0.081. It is still struggling, however, since Kraken was fined $30 million last week for failing to register its crypto staking service by the U.S. Securities and Exchange Commission. Trade Algo data indicates that bitcoin BTCUSD, +1.16%, and Ethereum ETHE, -1.31% prices have also risen by 30% and 23% respectively this year.