After declaring a break with Bitcoin earlier this week, Tesla founder Elon Musk has sent Dogecoin rallying with a single tweet, saying he’s working with its developers to refine the joke-inspired crypto.
Though the billionaire entrepreneur helped to tank Dogecoin with a recent SNL appearance, sending it plummeting by nearly 27% in the space of an hour after labeling it “a hustle,” Musk told his Twitter followers on Thursday that the currency is “potentially promising,” saying he is now personally working with its creators.
“Working with Doge devs to improve system transaction efficiency. Potentially promising,” he said.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Within minutes, Doge began to pick up steam, rallying from just shy of $0.43 at the time of Musk’s tweet to $0.51, before settling at around $0.47 on Thursday night, according to Coinbase, a major crypto exchange. Earlier in the afternoon, the coin was trading for just $0.37. (RT)
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