Dogecoin explodes after Elon Musk tweets about it, again

doge tesla

Musk, the CEO of Tesla, has sparked another uproar in tonight. He did this with a single tweet in support of dogecoin. The has risen in by nearly 20%.

The entrepreneur announced on Twitter that he was partnering with the of dogecoin, a that was launched in 2013, to improve the currency’s transaction framework.

“Potentially very promising,” said about Doge. Because of its low price and quick processing, he dubbed dogecoin “the of the people”.

Tesla, of which is a major shareholder, has previously stated that it would refrain from developing new coins. They will necessitate an excessive amount of electricity.

made the remark just hours after announcing intentions to reach the US market with new bond funding. The US government has been highly critical of polluting industrial investments.

also believes in as a viable alternative to the and other cryptocurrencies, but he is hesitant to pursue it because or creating coins with a lot of processing resources, and paying with those coins are all time-consuming.

Dogecoin, a that began as a prank in 2013, has become so famous in the last year that investors are gradually considering it as a viable option to bitcoin.

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