A day after announcing Tesla would no longer accept Bitcoin as payment for its electric cars, CEO Elon Musk said he is working to make Dogecoin more efficient. Following Musk’s revelation, Dogecoin jumped up to 40% and is currently trading at $0.50 at the time of writing.
"Working with Doge devs to improve system transaction efficiency. Potentially promising."
As soon as the tweet went online, Dogecoin's value on the exchange also started to climb. More than 40% growth was recorded on May 14, providing much-needed relief to investors amid profound high volatility.
In his initial announcement, Musk said the company was looking for a greener alternative to cryptocurrency.
Interestingly, Musk’s favorite Dogecoin (DOGE) uses less energy than Bitcoin and is more environmentally friendly than Bitcoin. Bitcoin consumes about 707-kilowatt hours for each transaction, DOGE only requires about 0.12, as it uses fewer calculations to mine and trade coins.
Besides, the energy used to mine Bitcoin comes from coal, the fuel that emits carbon where 75% of bitcoin mining takes place in China, a country where over half of its power comes from coal.
On May 14, many dog-themed cryptocurrencies were among the top gainers on major spot exchanges, that took the best out of leveraging the hype around Dogecoin (DOGE).
For instance, Akita Inu Coin (AKITA) gained almost 100% in three hours; increasing from $0,00000762 to $0,00001443 between 4:00 a.m. and 7:00 a.m. UTC. A day later, the cryptocurrency fell below 37.8% in the past 24 hours and is currently trading at $0.00000852 at the time of writing.
On the same day, ShibaPup (SHIBAPUP) coin jumped from $8 to $16 to the next day crashing down by 34.5%, and is currently trading at $7.34 at the writing.