Tesla to accept dogcoin payments? Musk just tweeted again, dogcoin sharply up 11%

Tesla CEO Elon Musk tweeted that he is working with Dogcoin developers to improve the efficiency of transactions.

(North America) – Tesla CEO Elon Musk tweeted on Thursday (May 13) local time that he is working with Dogcoin developers to improve transaction efficiency.

Tesla to accept dogcoin payments? Musk just tweeted again, dogcoin sharply up 11%

(Source: Twitter)

Following the news, Dogcoin pulled up briefly above $0.50, gaining 11% in 24 hours.

Musk has also posted frequent tweets about Bitcoin before. His focus on dogcoin has brought the joke symbol into the mainstream. He once joked that he was the “father of dogcoin” and on Tuesday asked his fans on Twitter whether Tesla should start accepting dogcoin as a payment method. The poll is now closed, with nearly 4 million people participating and 78.2 percent voting in favor of using the cryptocurrency to buy electric cars.

Tesla to accept dogcoin payments? Musk just tweeted again, dogcoin sharply up 11%

(Source: Twitter)

And earlier in the day, Musk upped the ante on Bitcoin’s energy needs, calling the recent trend in electricity usage “crazy.

Musk tweeted a graph from Cambridge University showing that Bitcoin’s electricity use has spiked this year. He criticized crypto mining for using fossil fuels for the second day in a row, after Tesla announced it would suspend the use of bitcoin to buy cars.

Tesla to accept dogcoin payments? Musk just tweeted again, dogcoin sharply up 11%

(Source: Twitter)

The shift by one of the cryptocurrency’s staunchest believers took investors by surprise and caused prices to fall across the board. At one point in Thursday’s trading, the price of bitcoin plunged 15% to around $46,000. Shares of exchange operator Coinbase Global Inc. fell as much as 10 percent, and other tokens such as ethereum and dogcoin also fell sharply.

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