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DOGE surges as Elon Musk says he’s working with devs to ‘improve efficiency’

Friday, 14 May 2021

 

Elon Musk’s latest foray into crypto markets came a few hours ago when he tweeted he is working with the Dogecoin developers to improve the cryptocurrency’s efficiency.

“Working with Doge devs to improve system transaction efficiency. Potentially promising.”

According to CoinGecko, the price climbed 26% from $0.38 this morning to $0.48 at the time of writing.

The tweet’s reference to “efficiency” seemed to lend weight to the idea Tesla may add Dogecoin (DOGE) as a form of payment after the CEO noted on Thursday the firm is looking at greener cryptocurrencies that use less than 1% of Bitcoin’s energy per transaction.

TradingView responded to Musk’s tweet by noting Dogecoin’s market capitalization had ballooned $10 billion in the immediate aftermath. Dogecoin’s market cap was sitting at roughly $49 billion at 6 am on Friday and has since increased to $66.7 billion as of this writing, an increase of almost $18 billion

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