SINGAPORE (Reuters) – Cryptocurrency dogecoin jumped as a lot as 20% on Friday after Tesla boss Elon Musk stated he was concerned in work to enhance the token’s transaction effectivity.
“Working with Doge devs to enhance system transaction effectivity. Probably promising,” Musk stated on Twitter. Dogecoin rose from about $0.43 to $0.52 on the Binance cryptocurrency alternate instantly after the tweet.
Close to nugatory in late 2020, dogecoin has surged to develop into the fourth-largest cryptocurrency by market cap, in response to CoinMarketCap.com, and is up greater than a hundredfold this 12 months as speculators have piled in to the asset class.
(Reporting by Tom Westbrook; Enhancing by Tom Hogue)