Dogecoin immediately jumped 5% after Elon Musk joked that he and Rupert Murdoch were discussing it at the Super Bowl

• Elon Musk joked he was talking to Rupert Murdoch about meme token dogecoin at the Super Bowl LVII.
• In a tweet that asked what the two billionaires were talking about, Musk simply said: "Dogecoin."

Tech guru Elon Musk joked he was talking to Rupert Murdoch about meme-inspired cryptocurrency Dogecoin at Sunday's Super Bowl.

The two billionaires were watching the Philadelphia Eagles and Kansas City Chiefs compete in a game that saw the latter team take home the trophy.

In a tweet that posted a picture of the pair seated next to each other with a caption asking what they were discussing, Musk simply said: "Dogecoin."

It sent the meme token immediately surging as much as 5% on Monday. At the time of writing, dogecoin had slipped back to wipe out most of its earlier gains, according to CoinMarketCap.

Musk has been a long-time champion of dogecoin, having adopted it as a form of payment in Tesla's merchandise store. There has also been speculation that the billionaire CEO could use dogecoin as a payments option on Twitter following his acquisition of the social-media platform.

Dogecoin has gained 19% so far this year, and its rise comes as the broader crypto market recovers from the fallout of the collapse of FTX. So far in 2023, two of the world's largest tokens, bitcoin and ethereum have risen 30% and 18%, respectively.

In January, the total value of the crypto market topped $1 trillion for the first time since the collapse of FTX. It's fallen below that mark over the past week as digital-asset exchange Kraken's troubles with regulators weighed on market sentiment and investors awaited the latest US inflation data.

"Investors might dial up bets on how high the Fed will have to take interest rates and that could support a broad move lower for all risky assets, especially crypto," OANDA analyst Craig Erlam said.