Dogecoin Booms As Elon Musk Hints At Improving Its Efficiency

Dogecoin sped up into the greens early Friday after Elon Musk made a "potentially promising" announcement concerning the cryptocurrency's network.

The Tesla CEO said via a tweet at about midnight that he has engaged with “Doge devs to improve system transaction efficiency.”

Working with Doge devs to improve system transaction efficiency. Potentially promising.

— Elon Musk (@elonmusk) May 13, 2021

The meme coin jumped as high as 25 percent upon Musk's announcement, gaining as much as $10billion in market cap and ending what had previously been a gory selloff.

The market cap of Dogecoin spiked $10 billion after this tweet. pic.twitter.com/cqMA1irxSm

— TradingView (@tradingview) May 13, 2021

Dogecoin, which fell as low as 38 cents in yesterday's blowout, is now on a bull run and trading as high as 54 cents as of report time.

The crypto markets bled yesterday when Elon Musk announced that Tesla would no longer accept bitcoin payments due to environmental concerns. 

Musk has been a major influence in the meme coin's face-melting run this year, from posting meme tweets about the Shiba Inu-themed coin to calling himself the "Dogefather", and his Saturday Night Live appearance last week.

Dogecoin also gained steam when U.S.-based cryptocurrency exchange Coinbase announced it would be adding Doge to its suite of crypto offerings, possibly due to client demand as has been the case with other major exchanges.