Dogecoin jumps 22% ahead of Musk's hints at improving network’s transaction efficiency

Once again Dogecoin is running with the wolves after Elon Musk tweeted “potentially promising” news for the network.

Dogecoin jumps 22% ahead of Musk's hints at improving network’s transaction efficiency

As Musk tweeted on Thursday evening, Tesla and its CEO are “working with Doge” developers to “improve system transaction efficiency.”

Following the tweet, prices of DOGE across major exchanges including Binance, Bitfinex, FTX, Gemini, and Poloniex are posting around 22% gains over a 24-hour period. The cryptocurrency is currently changing hands for around $0.54. 

In addition to that, Coinbase announced it would be adding Doge to its suite of crypto offerings, potential to client demand as has been the case with other major exchanges.

The world’s second-richest has man has played a remarkable role in Doge’s astronomical 9,400% rise in value since it was just a pup trading at around $0.005 at the starting of the year.

Musk’s action has previously affected Doge’s price when last month he hinted the crypto would feature on Saturday Night Live with Musk calling himself the “Dogefather.” This caused sudden prices to spike on the tip, jumping from 24% from $0.25 to $0.31. Doge’s price continued to soar leading up to Musk’s appearance on the show, touching an all-time high of around $0.74. However, it immediately cooled as doge lovers expectations toward Musk was higher than it seems.

Dogecoin was started as a joke in 2013 by creators Jack Palmer and Billy Markus to draw newcomers in the crypto industry. Since then, it has gained immense fame at least partly because of celebrity endorsements from such famous name as Snoop Dog and Kiss’s Gene Simmons.