Tesla CEO Elon Musk might have crossed swords with the Bitcoin community, but he’s not abandoning his favorite meme coin.
In a recent tweet, the second richest person on the planet announced that he was working with Dogecoin developers to improve the cryptocurrency’s transaction efficiency.
This comes after Tesla stopped accepting Bitcoin due to its growing CO2 footprint.
Dogecoin added $11.8 billion to its market cap following Musk’s tweet, with its price peaking at $0.52
Are there any Dogecoin devs?
Many were quick to point out that there were barely any Dogecoin developers, thus urging Musk to name them.
Blockstream CEO Adam Back says that the cryptocurrency has “long known vulnerabilities.”
Doge is years unmaintained, a literal joke copy of outdated version of bitcoin with long-known vulnerabilities.
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The Coinbase boost
Apart from Musk’s casual tweets, Coinbase’s upcoming listing is yet another catalyst for the turbulent meme coin.
During a May 13 earnings call, CEO Brian Armstrong confirmed that Dogecoin would land on the largest U.S. crypto exchange in about two months:
We plan to list DOGE in the next six to eight weeks.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team