Elon Musk Reignites ‘Dogefather’ Status at Superbowl LVII

Dogecoin's Future Could Follow This Bullish Trajectory To $1 DOGE Price Thanks To Elon Musk

It was all glitz and glamour over the weekend in Arizona at the 57th Superbowl–America’s most significant sporting event. Kansas City Chiefs stole victory over Philadelphia Eagles by a narrow margin (38 – 35) at the state Farm stadium, which had over 67,827 persons in attendance, including Tesla and Twitter boss Elon Musk.

The ‘dogefather’ who settled in at the VIP section was spotted wearing a t-shirt with the inscription of a Shiba Inu dog on a cowboy hat. Elon had long remained a vigorous proponent for the meme coin, as far back as 2021 when it first went viral. On the heels of the widespread hype, Elon ramped up further positive sentiments, even promising and fulfilling a promise to integrate the token as a payment option for Tesla’s merchandise.

Seated next to Rupert Murdoch, the billionaire owner of FOX corporation, Elon Musk jokingly replied “Dogecoin” to a Twitter follower who asked about the subject of their conversation. On the hill of the special appearance, Dogecoin gained a 5% surge in value reaching $0.0857, before mopping off all gains to resettle back at $0.081 at the reporting time.

With the acquisition of Twitter and recent efforts geared towards restoring the platform to profitability, Elon recently hinted at adding crypto to the payment options for the platform subscription service. Even without a choice of crypto disclosure. Proponents of the ninth largest crypto token are hopeful of a possible addition of the meme token, especially since Musk’s aversion to Bitcoin became evident.

Elon, however, is still rooting for Bitcoin. The latest Tesla balance sheet reports reveal that the company had held on to its ~9,700 BTC, representing around 25% of the ~40,000 BTC bought in 2021 over the last six months.

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The 57th Superbowl comes a year after crypto companies like Coinbase, FTX, Crypto.com, OKX etc., took centre stage at half-time to lock horns on the best advertisement for fans. Coinbase had swept home an enormous chunk of traffic, crashing down its site with a simple QR-code ad that generated over 270% increase in crypto app downloads. This year’s Superbowl attracted less interest from the crypto sector, no thanks to the fall of FTX and other notable bankruptcy filings, spiralling a prolonged clampdown of erring exchanges. Crypto will try to stay afloat as it continues to navigate the troubled waters of the Securities and Exchange Commission (SEC).