Dogecoin gains 42% to take 4th place after Elon Musk’s tweet

Deprecated: mb_convert_encoding(): Handling HTML entities via mbstring is deprecated; use htmlspecialchars, htmlentities, or mb_encode_numericentity/mb_decode_numericentity instead in /var/www/nairametrics/wp-content/themes/nairametrics/functions.php on line 104

Sequel to Tesla suspending Bitcoin as a payment option, Elon Musk tweeted that he is working with Dogecoin developers to improve the efficiency of the coin. He said:

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

Soon after, the price pumped 42% from $0.38 to $0.54 at the time of writing. This has caused the coin’s market capitalization to pump by over $10 billion after Elon Musk’s tweet.

After much speculation as to which coin the tech giant will add to its platform, Dogecoin may become the coin added as a form of payment, after the CEO stated that the firm is looking for energy-efficient cryptocurrencies that use less than 1% of Bitcoin’s energy per transaction.

READ: Crypto-bloodbath leaves over 340,000 investors losing all their capital

READ: Elon Musk has Asperger’s syndrome, reveals 2 other things on SNL

Another reason for the rise in the price may be the news that Coinbase is planning to list the coin on its exchange within the next six to eight weeks. Coinbase CFO, Alesia Hass appeared on CNBC’s Mad Money show on May 13, and he was asked: “Should investors take Dogecoin seriously?”

“We are a platform. We want to offer all assets that meet our listing standards and we hope to be the place where you can come and trade anything that you want to trade,” Hass responded.