Musk’s latest tweet resulted in a 26% surge in the price of DOGE, while Coinbase is set to list the coin in six to eight weeks.
Elon Musk’s latest foray into crypto markets came a few hours ago when he tweeted he is working with the DOGE developers to improve the cryptocurrency’s efficiency
“Working with Doge devs to improve system transaction efficiency. Potentially promising.”
According to Coingecko, the price climbed 26% from $0.38 this morning to $0.48 at the time of writing.
The tweet’s reference to “efficiency” seemed to lend weight to the idea Tesla may add DOGE as a form of payment, after the CEO noted yesterday the firm is looking at greener cryptocurrencies that use less than 1% of Bitcoin’s energy per transaction.
TradingView responded to Musk’s tweet by noting Dogecoin’s market cap had ballooned $10 billion in the immediate aftermath. Dogecoin’s market cap was sitting at roughly $49 billion at 6am this morning, and has since increased to $66.7 billion as of this writing, an increase of almost $18 billion.
Another factor in the price rise could have been the news that Coinbase is planning to list the cult-favorite memecoin on the exchange within the next six to eight weeks.
Appearing on CNBC’s Mad Money show on May 13, Coinbase CFO, Alesia Hass was questioned “Should investors take Dogecoin seriously?” with the CFO answering the exchange should leave that decision up to its investors:
“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.”
Dog tokens boom
Interest in Doge has sparked the creation of various copycat tokens including Shiba Inu (SHIB), Husky (HUSKY), and Akita Inu (AKITA).
Akita Inu gained 32,933% in 30 days and hit its all-time high on May 11 of $0.00002904. The price has since taken a sharp hit of 72.6% down to $0.00000787 today. The trading volume over the past 24 hours was a mammoth $177 million according to Coingecko.
SHIB has also been garnering a lot of attention from retail investors of late, with data from Coingecko showing that $5.4 million worth of SHIB traded hands in the past 24 hours. The price plunged after Ethereum founder Vitalik Buterin gave away vast amounts of the token on May 12. Despite its volatility, SHIBA is still up 12,263% since its inception.
r/dogecoin hijacks Google image results
Users of subreddit “r/dogecoin” have collectively gamed Google’s image search rankings to show a picture of Doge when people search “one dollar” on the search engine.
The harmless prank is based on a long held meme (and goal) for Dogecoin hit 1 dollar. We tested it out, and sure enough, the cute Shiba is there amid the greenbacks.