Elon Musk Says He is Working to Make Dogecoin More Efficient
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Elon Musk Says He is Working to Make Dogecoin More Efficient

May 15, 2021      Jafrin Ahmed

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.

Elon Musk Working With Dogecoin Developers

Just a day after revealing that electric car manufacturing company Tesla will no longer accept Bitcoin, CEO Elon Musk tweeted the next day that he’s currently working with the Dogecoin developers to improve system transaction efficiency.

“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.

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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.

Dog-Themed Cryptocurrencies Pumping Over DOGE Hype

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).

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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.

#AKITA #DOGE #Dogecoin #Elon Musk #SHIBAPUP
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.