Elon Musk Dons Dogecoin T-shirt At The Super Bowl

At the much-anticipated sporting event, the controversial Tesla CEO wore a Dogecoin T-shirt. He continues to use his extensive social media presence to promote the cryptocurrency, frequently resulting in a rise in its value.

Musk Has Played a Big Role In Dogecoin’s Popularity

Musk's unrestrained behavior and unwavering promotion of the meme-inspired token, according to critics, have contributed to the growth of a speculative bubble. Musk insists on referring to Dogecoin as the "people's cryptocurrency" despite the coin's lack of intrinsic value. He has even suggested that Dogecoin might one day become the global currency.

Experts in finance continue to be skeptical of such claims and advise against investing in assets that have not been tested.

Elon Musk Wearing Dogecoin T-shirt At The Super Bowl Boosts Its Price

Dogecoin's value has increased by 7% as a result of this move. It remains to be seen whether Twitter will eventually support Dogecoin, but Musk appears to still be interested in the cryptocurrency.

In other news, Musk's plan to launch an "everything app" is moving forward. In order to enable payments on its platform, the company is submitting regulatory applications. At first, only fiat payments will be supported, but eventually, cryptocurrencies will also be supported.

To the delight of the industry's critics, the Super Bowl, which was dubbed the "Crypto Bowl" last year due to numerous crypto companies running absurd advertisements, did not include any representatives from the crypto industry this year.

This is because one of the largest cryptocurrency exchanges, FTX, crashed. FTX had planned to air an advertisement for the Super Bowl. After a brief period of euphoria, the cryptocurrency industry as a whole was hit hard by a huge crisis the previous year.