Summary List Placement
Dogecoin spiked 30% after Elon Musk said on Thursday that he might accept it as a payment method for Tesla. That followed his announcement on Wednesday that he’d stop allowing bitcoin payments for Tesla products over environmental concerns.
Dogecoin had risen by 30.2%, to $0.54, as of 8:20 a.m. on Friday in New York, according to CoinBase. It initially jumped on Thursday evening after Musk tweeted about considering the cryptocurrency as a payment method for Tesla.
“Working with Doge devs to improve system transaction efficiency,” he said. “Potentially promising.”
Dogecoin is the fourth-largest cryptocurrency by market capitalization. After Musk’s tweet, the value of the dogecoin market rose by over $10 billion, to about $67 billion, as trading volume accelerated.
The token, which started as a joke in 2013 and is often described as a “meme coin,” has rallied since early April, reaching a record high of $0.731578 on May 8. It has…