On Friday, Dogecoin soared after Elon Musk said he was working with the cryptocurrency's developers to boost its payment efficiency.
Tesla (TSLA) CEO Elon Musk, who previously said that his Dogecoin tweets could not be taken seriously, said on Twitter that "I'm working with doge developers to improve system transaction efficiency," he said, adding that the work "appear[s] promising."
Following Musk's tweet, the cryptocurrency, which was created as a joke in 2013, jumped over 30% on Friday morning. It was currently trading at $0.53, having previously hit a high of $0.56.
Billionaire Elon Musk has been a vocal supporter of the meme token, tweeting about it regularly. He recently tweeted that he intended to send Doge to "the moon" in 2022 on a SpaceX rocket. Geometric Energy Corporation, a Canadian firm, is collaborating on the "DOGE-1 Mission to the Moon."
Crypto trading sites and investors have become more interested as a result of Musk's publicity. Following a similar move by rival eToro, famous exchange Gemini declared support for Dogecoin last week.
The cryptocurrency has risen over 1,500 percent since the beginning of the year, thanks in large part to Musk's attention. According to CoinMarket, it is currently the fourth-most valuable coin, with a market cap of more than $70 billion.
Before falling down to earth, the currency reached new highs ahead of Musk's appearance on Saturday Night Live (SNL). Analysts had predicted that the SpaceX founder will discuss cryptocurrency on the show, sending prices soaring. Instead, the coin dropped nearly 25% as a result of his plug.
Musk had previously hinted that he was investigating alternate cryptos that Tesla might consider, asking his 54.5 million Twitter (TWTR) followers if they thought Tesla could accept Doge as payment.
Musk is warming up to Dogecoin, but he is turning against bitcoin. After abruptly withdrawing Tesla's support on Thursday, he sent Bitcoin and other cryptocurrencies into freefall. Musk expressed concern about the environmental effects of bitcoin mining when he announced Tesla's unexpected move.