At the Super Bowl, the mysterious Elon Musk, the self-described "Dogefather" and wealthy businessman, made yet another declaration of his support for Dogecoin.
The contentious Tesla CEO wore a Dogecoin T-shirt to the eagerly anticipated sporting event as he continues to promote the cryptocurrency on social media, frequently causing its value to soar.
A speculative bubble, according to critics, has been fueled by Musk's reckless actions and unwavering advocacy of the meme-inspired token.
Musk keeps on calling Dogecoin the "people's cryptocurrency" despite the fact that it has no intrinsic value and has even said that it might one day replace all other currencies.
Financial professionals continue to be skeptical of such assertions and advise against investing in unproven assets.
To the pleasure of the industry's critics, the Super Bowl, dubbed the "Crypto Bowl" last year with several crypto companies running absurd advertisements, did not feature any representation from the crypto world this year.
This is because one of the biggest cryptocurrency exchanges, FTX, which had planned to air a Super Bowl ad, crashed. Last year, the entire cryptocurrency market went through a severe crisis after a brief period of euphoria.
The company is requesting regulatory approvals to enable payments on its platform, initially enabling only fiat payments and later integrating cryptocurrencies. In other news, Musk is making progress with his aim to launch a "everything app."
The price of Dogecoin has increased by 7% as a result of this action. It remains to be seen whether Twitter will add support for Dogecoin, but it seems that Musk has not given up on the cryptocurrency just yet.