Dogecoin has seen its price rise by over 20,000% over the last year
Elon Musk has initiated yet another pump for Dogecoin (DOGE), strengthening his seemingly inexhaustible support for the meme coin. The magnate sparked a 22% rally today when he announced that he is working with Dogecoin developers in efforts to make the coin more ecologically viable.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
After announcing that Tesla would no longer be accepting Bitcoin payments due to environmental concerns earlier this week, the CEO posted a poll on Twitter, asking “Do you want Tesla to accept Doge?”, with an overwhelming majority of respondents voting in favour of the proposal.
What is Dogecoin?
Dogecoin is a cryptocurrency initially developed as a joke and a means to tip online creators for their work. It is a meme coin, based on the “doge” meme that was popular in 2013, but is now attracting attention as a serious project after electric vehicle magnate Elon Musk began voicing support for the token this year.
Dogecoin has gained massive popularity on social media such as TikTok, and has seen a trading volume of over $22 billion as traders reapply buying pressure after a recent dip.
To put this into perspective, Dogecoin’s price has risen by 450% over the past 30 days.
DOGE has been frequently written off as a joke by detractors, but things have taken a bizarre turn in recent weeks. Musk repeatedly voiced tongue-in-cheek support for the coin, before mentioning it on American comedy serial Saturday Night Live, to an audience of millions.
More recently, Musk has voiced an apparently serious desire to fund a mission to the moon using Dogecoin, via his space exploration company SpaceX.