Elon Musk is working with Dogecoin developers to improve efficiency after his electric car company Tesla suspended Bitcoin payments due to environmental concerns.
Musk has been a strong supporter of Dogecoin, and his recent support helped raise the price, which has soared almost a quarter in the past 24 hours to $ 0.54 by 7:25 a.m. GMT on May 14th.
In contrast, Musk’s announcement on May 12 that Tesla would stop making bitcoin payments weighed on the price of that crypto. Bitcoin is priced at just over $ 49,000, well below the all-time high of $ 64,829, according to Coindesk.
“To be clear, I firmly believe in crypto, but it cannot lead to a massive spike in fossil fuel consumption, especially coal,” Musk tweeted on May 13, explaining Tesla’s suspension of Bitcoin payments.
He also tweeted a graph showing Bitcoin’s energy usage over the past few months, which he called “crazy” and said it was “high time there was a carbon tax!”
“Work with Doge developers to improve the efficiency of system transactions. Potentially promising, ”he tweeted as well.
Dogecoin’s total market cap is down 6.4% to $ 70.5 billion in the past seven days, despite a gain of more than 25% in the past 24 hours. This makes Dogecoin the fourth most important crypto currency.
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The meme coin was founded in 2013 to poke fun at other alternative coins that are trying to challenge Bitcoin’s dominance. It is now viewed as a legitimate investment by Redditors and Crypto-Fiends alike.
Its name refers to a meme about a speaking Shiba Inu dog with poor grammar, with catchphrases like “very worried”, “a lot of wow” and “such a doge”.
READ Elon Musk’s U-turn in accepting bitcoin for Tesla payments lowers the price of crypto
It was reported this week that Goldman Sachs chief executive Aziz McMahon had left the bank after making millions betting on Dogecoin and possibly launched his own fund.
According to the Coinmarketcap.com website, Bitcoin’s total market cap is down nearly 12.5% over the past seven days to $ 917.1 billion.
To contact the author of this story with feedback or news, email James Booth