Dogecoin price is once again running with the wolves after Tesla’s Elon Musk tweeted “potentially promising” news for the network.
According to a Twitter comment by Elon Musk on Thursday evening, Tesla and its CEO are “working with Dogecoin” developers to “improve system transaction efficiency.”
Prices across major Crypto exchanges including Binance, Bitfinex, FTX, Gemini, and Poloniex are posting around 22% price gains over a 24-hour period for the Shibu Inu-inspired meme coin. The Dogecoin is currently changing hands for around $0.48. The increase came even as other major cryptocurrencies’ prices sank.
Meanwhile, Top cryptocurrency exchange Coinbase announced it would be adding Dogecoin to its suite of crypto offerings in six to eight weeks, likely due to client demand as has been the case with other major exchanges.
The world’s second-richest man has played a large role in Dogecoin's astronomical 9,400% rise in value since it was just a pup trading at around the price of $0.005 on Jan. 1.
Elon Musk’s handiwork has previously affected Dogecoin's price. Last month, Tesla’s CEO hinted the Shibu Inu-inspired cryptocurrency would feature on Saturday Night Live with Elon Musk calling himself the “Dogefather.” Prices immediately spiked on the tip, jumping 24% from the price of $0.25 to $0.31.
DOGE’s price continued to soar leading up to Elon Musk’s appearance on the show, touching an all-time high of around price of $0.74 but immediately cooled after traders’ hopes were dashed by Elon Musk’s meagre mention of the cryptocurrency that night.
The problem, some argue, is that Dogecoin is unlikely to survive without Elon Musk’s help, though developers appear to be making headway in a project that once had zero involvement from cryptocurrency technicians.
Dogecoin started as a joke in 2013 by creators Jack Palmer and Billy Markus to draw newcomers to the cryptocurrency world. Dogecoin has gained immense fame at least partly because of celebrity endorsements from the likes of Snoop Dogg and Kiss’s Gene Simmons.
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