Dogecoin (DOGE) is once again running with the wolves after Tesla’s Elon Musk tweeted “potentially promising” news for the network.
According to a Twitter brag by Musk on Thursday evening, Tesla and its CEO are “working with Doge” developers to “improve system transaction efficiency.”
Prices across major exchanges including Binance, Bitfinex, FTX, Gemini and Poloniex are posting around 22% gains over a 24-hour period for the Shibu Inu-inspired meme coin. The cryptocurrency is currently changing hands for around $0.48
On similar timeframe, U.S. cryptocurrency exchange COINBASE announced it would be adding Doge to its suite of crypto offerings, possibly due to client demand as has been the case with other major exchanges.
The world’s second richest man has been known to play a large role in facilitating the rise of Doge’s astronomical 9,400% increase in value in year-to-date terms from when it was just a pup trading at around $0.005 on Jan. 1.
The price of Doge is no stranger to Musk’s handiwork. Last month, Tesla’s CEO hinted the Shibu Inu-inspired crypto would feature on Saturday Night Live with Musk calling himself the “Dogefather.” Prices immediately spiked on the hat tip, jumping 20% from $0.25 to $0.31.
Doge’s price continued to soar in the lead up to Musk’s appearance on the show touching an all-time high of around $0.74 but immediately cooled after trader’s hopes were dashed by Musk’s meagre mention of the crypto that night.
The problem, some argue, is that Doge is unlikely to survive without the help of Musk, though some attention from developers appears to making headway in a project that once had zero involvement from crypto technicians.
Doge started as a joke in 2013 by creators Jack Palmer and Billy Markus as a way to introduce new proponents to the cryptocurrency industry. It has since gained immense fame particularly from celebrity endorsements including the likes of Snoop Dog and Kiss’ Gene Simmons.
