Dogecoin Crypto Alert: The Big Musk ‘Dev’ Tweet That Has DOGE Spiking

William White

Fri, May 14, 2021, 9:32 AM2 min read

In this article:

Elon Musk is hyping up Dogecoin (CCC:DOGE-USD) again on Friday with a Tweet talking about the crypto.

Source: Margaret Jung/Shutterstock.com

The Tesla (NASDAQ:TSLA) CEO announced via his Twitter (NYSE:TWTR) that he is working with DOGE devs. Musk said that the goal was to “improve system transaction efficiency” and that the work was “potentially promising.”

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

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

— Elon Musk (@elonmusk) May 13, 2021

Reactions to Musk’s Tweet were mostly negative with users taking him to task over his recent change of tune on cryptocurrencies. However, there were still those excited about the crypto news of him working with Dogecoin developers.

Elon, what is happening here. You are being completely irresponsible with the Dogecoin shilling. I feel like your ego is running wild, and you want to prove you can influence anything you choose. Even silly meme money…

— Roc Zacharias (@CryptoRocky) May 14, 2021

#DOGECOIN IS THE FUTURE CRYPTOCURRENCY OF EARTH!!!

— Matt Wallace ⚠️ (@MattWallace888) May 13, 2021

Musk, who is also the CEO of rocket company SpaceX, has been showing concern about the amount of energy used for crypto. The last couple of days he’s been critical about a possible increase in the use of fossil fuels, especially coal, in the sector.

All of this comes after an announcement earlier this week that Tesla is no longer accepting Bitcoin (CCC:BTC-USD). This was when Musk originally brought up his complaints about energy consumption for crypto mining and transactions.

Elon Musk’s Bitcoin announcement, as well as other factors, resulted in a crypto crash yesterday that also hit Dogecoin. That saw many of the most popular cryptocurrencies take a beating throughout the day.

There’s also other crypto news boosting Dogecoin higher on Friday. Coinbase (NASDAQ:COIN), one of the largest cryptocurrency exchanges in the world, announced that it plans to add DOGE to its platform. The company’s CEO said as much in an earnings call.

So when can Dogecoin lovers expect the crypto to make its way to Coinbase? An exact time wasn’t narrowed down, but it should show up in the next couple of months.

DOGE was up 27.3% as of Friday morning and is up 11,175.5% since the start of the year.

Of course, there’s plenty of other crypto news for investors to keep up with outside of Dogecoin.

While many cryptos crashed yesterday, there were some that got a boost thanks to their focus on being green. That includes BitGreen Coin (CCC:BITG-USD), Nano Coin (CCC:NANO-USD), and Chia Coin (CCC:XCH-USD).

More Crypto News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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