DOGECOIN is rising after Elon Musk said he was working with the cryptocoin to improve its impact on the the environment, rising 29 per cent on Friday after a midweek dip.
It came after stocks plummeted by 17 percent last week, shaving $6.1billion in value from Bitcoin after the tech billionaire banned its use to buy Tesla.
Musk on Wednesday released a statement saying Tesla would no longer be accepting Bitcoin for purchasing vehicles.
But Dogecoin jumped more than 20% on Friday after the billionaire SpaceX founder said he was involved in work to improve the token’s transaction efficiency.
“Working with Doge devs to improve system transaction efficiency. Potentially promising,” he posted on Twitter.
Dogecoin rose from about $0.43 to $0.52 on the Binance cryptocurrency exchange immediately after the tweet.
It comes after the Tesla chief voiced his concerns on his personal Twitter account, writing: ” Tesla has suspended vehicle purchases using Bitcoin. We are concern about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which ash the worst emissions of any fuel.”
Within minutes Bitcoin started plummeting, as much of the recent growth of the cryptocurrency was based on speculation of its future as a legitimate currency based off Tesla’s decision to accept payments.
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