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Dogecoin price goes up again after Elon Musk says he is working to improve system transaction efficiency

Bitcoin hit a two-month low on Friday and is staring at its worst week since February 2021 while Dogecoin price has gone up once again. Both these cryptocurrencies are reacting to different sentiments from Elon Musk.

twitter-logoIndia Today Tech | May 14, 2021 | Updated 11:49 IST
Dogecoi
It is worth mentioning that Dogecoin was almost worthless at the start of this year.

Highlights

  • Dogecoin prices are once again up after Musk tweet.
  • Elon Musk says he is working Dogecoin developers.
  • Bitcoin is staring at its worst week since Feb 2021.

Bitcoin hit a two-month low on Friday and is staring at its worst week since February 2021 while Dogecoin price has gone up once again. Both these cryptocurrencies are reacting to different sentiments from the same man. Elon Musk. The Bitcoin slump came after the Tesla chief tweeted that his car making company has decided not to accept payments in BTC. On the other hand, Dogecoin rallied after Musk announced that he is working to improve system transaction efficiency.

"Working with Doge devs to improve system transaction efficiency. Potentially promising," Musk said on Twitter, vaulting dogecoin from about $0.43 to $0.52 on the Binance exchange. In INR, the Dogecoin is valued at over Rs 41 (at the time of writing), up from the mid 30 level it had reached last week, following Musk's Saturday Night Live appearance.

It is still unclear if Musk is referring to efficiency in terms of energy use, ease of use or suitability as a currency. In either case, one tweet from his enough to dictate the path of any cryptocurrency these days.

It is worth mentioning that Dogecoin was almost worthless at the start of this year. One Dogecoin was value at less than half a cent at the beginning of the year and has now reached over half a dollar. It has surged to become the fourth-largest cryptocurrency by market cap, according to CoinMarketCap.com.

This is the second pump Dogecoin has got since Dogefather's SNL stint. Earlier this week, Musk had also tweeted that his commercial rocket company SpaceX will launch "DOGE-1 Mission to the Moon" in the first quarter of next year. Musk tweeted that company's new satellite will be called Doge-1.

Not just this, in an unprecedented move, the entire mission will be paid for in Dogecoin. This will make Doge the first crypto in space. Ironically, it will also be the first meme in space.

Meanwhile, Bitcoin crashed after Musk announced that Tesla will not use it as the crypto consumes too much energy. On May 12, he had said that Tesla would stop accepting Bitcoin as payment because the cost to the environment was too high. Musk has said that Tesla will not sell any of the Bitcoin on its balance sheet, and will use the cryptocurrency when mining it is possible through sustainable resources.

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