“Working with Doge devs to improve system transaction efficiency. Potentially promising,” Musk said on Twitter. Dogecoin rose from about $0.43 to $0.52 on the Binance cryptocurrency exchange immediately after the tweet.
Near worthless in late 2020, dogecoin has surged to become the fourth-largest cryptocurrency by market cap, according to CoinMarketCap.com, and is up more than a hundredfold this year as speculators have piled in to the asset class. Reporting by Tom Westbrook; Editing by Tom Hogue