Dogecoin Soars 31.7% as Elon Musk Hints at “Efficiency” Improvements

Dogecoin takes an upward jolt as Elon Musk draws attention to the currency yet again. 

Dogecoin Jumps on Musk Tweet 

Dogecoin jumped last night after Elon Musk posted a tweet mentioning the currency. It’s up 31.7% in the last 24 hours. 

“Working with Doge devs to improve system transaction efficiency,” the Tesla and SpaceX founder wrote. “Potentially promising.” 



Within minutes of Musk posting the tweet, Dogecoin had jolted upwards. Its price has rallied from about $0.43 to $0.53. 



The Musk tweet follows Tesla’s Bitcoin U-turn earlier this week. On Wednesday, he posted a message confirming that Tesla would no longer accept Bitcoin payments. The company is still holding its Bitcoin and awaiting “sustainable energy” solutions for mining, Musk wrote. He later clarified that he believes in crypto’s future, but has concerns about its reliance on fossil fuels like coal. 

After months of evangelizing Dogecoin, it’s not clear what Musk’s intentions are for the currency. The day before he shared his change of heart on Bitcoin, he posted a Twitter poll asking his followers if Tesla should accept Dogecoin payments. “Fate loves irony,” he’s previously said in relation to the asset’s price rise.

Dogecoin has experienced extreme volatility in recent weeks, topping out at $0.73 in the lead-up to Musk’s Saturday Night Live appearance. It tumbled after Musk described the coin as a “hustle” on the broadcast. 

Meanwhile, Coinbase is also making moves to adopt the Shiba Inu-themed currency. On the company’s Thursday earnings call, Brian Armstrong confirmed that Dogecoin would go live on the exchange in the coming weeks. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article