The enigmatic Elon Musk, the self-proclaimed "Dogefather" and billionaire entrepreneur, made yet another public display of his allegiance to Dogecoin at the Super Bowl.
The controversial Tesla CEO sported a Dogecoin T-shirt at the much-awaited sporting event as he continues to use his immense social media presence to hype the cryptocurrency, often leading to a surge in its value.
Critics contend that Musk's unrestrained behavior and unyielding promotion of the meme-inspired token have helped fuel a speculative bubble.
Despite its lack of inherent worth, Musk insists on referring to Dogecoin as the "people's cryptocurrency" and has even floated the idea that it could eventually become the world's currency.
Financial experts remain dubious of such claims, cautioning against investing in untested assets.
Meanwhile, the Super Bowl, labeled the "Crypto Bowl" last year with many crypto comanies running ridiculous ads, had no representation from the crypto world this year, to the delight of the industry's detractors.
Arman ShirinyanIn other news, Musk is making strides with his plan to launch an "everything app." The company is applying for regulatory permits to enable payments on its platform, initially supporting only fiat payments, and eventually including cryptocurrencies.
This move has caused the value of Dogecoin to spike by 7%. Whether Twitter ultimately adds support for Dogecoin remains to be seen, but it appears that Musk has not abandoned the cryptocurrency quite yet.
Godfrey Benjamin
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin