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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…

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