Dogecoin soared amid excitement for Tesla and SpaceX CEO Elon Musk’s Saturday Night Live debut last weekend, then plummeted after he called the meme-inspired cryptocurrency a “hustle,” only to ricochet back days later when SpaceX agreed to accept a company’s payment in Dogecoin, and Tesla halted Bitcoin transactions, citing environmental concerns.
So buckle up, because the Dogefather sent the price of the cryptocurrency soaring yet again on Thursday evening with the following tweet: “Working with Doge devs to improve system transaction efficiency. Potentially promising.” Musk is a well-known internet troll who has been known to use Twitter to send the stock market into a tailspin for the sake of a joke, so it’s anyone’s guess if he’s serious.
If it’s a joke or not, it’s had a real impact on the price of Dogecoin. According to Coinbase, Dogecoin value increased by as much as 18 percent after Musk’s tweet, and its market cap increased by $10 billion. The excitement has died down a little, but Dogecoin value is still about 11 percent higher than it was yesterday. Musk confirmed (also via tweet) on Wednesday that Tesla would no longer allow Bitcoin payments for vehicles, citing concerns about the “rapidly growing use of fossil fuels for Bitcoin mining and transactions.”