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Elon Musk's cryptic tweet sees Doge gain amidst crypto downturn

Dogecoin Elon Musk's photo is seen through a Twitter logo in this illustration taken October 28, 2022. REUTERS/Dado Ruvic/Illustration
Dogecoin increased in value after Elon Musk tweeted: 'High time I confessed I let the Doge out.' Photo: Dado Ruvic/Reuters

Elon Musk posted a cryptic tweet on Wednesday that saw dogeoin (DOGE-USD) gain whilst the rest of the cryptocurrency market slumped after Tuesday's broad sell-off on US markets.

Dogecoin increased in value after the Tesla (TSLA) boss tweeted: "High time I confessed I let the Doge out".

Read more: Crypto live prices

The tweet saw dogecoin's value spike 0.1%, a 2.8% rise in the past week, as the rest of the cryptocurrency market turned red.

Before Musk's tweet, dogecoin was down 3% on the day, trading at $0.082. But since his cryptic message the memecoin rose to $0.086.

In comparison, bitcoin (BTC-USD) has fallen from its early week high of above $25,000 to $24,170, a drop of 2% in the past 24 hours. Ethereum (ETH-USD) also fell 2% in the past day, to $1,646, as of the time of writing.

On Wednesday, the global cryptocurrency market cap stood at $1.15tn, down 2.0% in the past 24 hours, according to data from Coingecko.

The crypto markets tend to mirror US equities. On Tuesday, US stocks tumbled as the prospect of higher-for-longer interest rates and letdowns from big-box retailers dampened the mood on Wall Street.

Tuesday saw the worst day yet for US markets in 2023. The S&P 500 (^GSPC) fell 82 points, or 2%, to close at 3,997, its sharpest drop since the market was selling off in December. The Dow Jones Industrial Average (^DJI) lost 2.1%, while the Nasdaq composite (^IXIC) sank 2.5%.

Read more: Crypto: How to get funding for your tech startup

Musk has been periodically putting out tweets reinforcing his connection to dogecoin.

Last week, he shared a photo of his Shiba Inu dog seated in a large armchair behind a desk, with a comment saying: “The new CEO of Twitter is amazing".

The iconic dogecoin dog is a Shiba Inu breed.

Last week's tweet also pushed up the price of dogecoin.

Speculation now abounds over whether Musk will allow dogecoin to be used for tipping and micro-payments on Twitter.

Watch: Women of Web3: Funding tips and how not to undersell your startup | The Crypto Mile

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