Musk Tweets He’s Working on More Efficient Dogecoin Transactions

Musk Tweets He's Working on More Efficient Dogecoin Transactions

© TheStreet Musk Tweets He’s Working on More Efficient Dogecoin Transactions

Elon Musk continued to play havoc with cryptocurrencies Thursday, tweeting that he is working with dogecoin devs to develop more efficient transactions.

The tweet sent dogecoin prices sharply higher.

It came just 24 hours after Musk tweeted that Tesla won’t accept bitcoin for payments anymore because of the environmental impact of bitcoin mining. That tweet sent both bitcoin and dogecoin into tailspins overnight.

Late Thursday, Musk tweeted that there had been “potentially promising” progress on dogecoin, but he offered no further details. Earlier in the day he offered up a supportive tweet for cryptocurrencies in general. “I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” Musk tweeted.

Musk has tweeted frequently about other digital currencies, including dogecoin, originally created as a joke, but which now sports a market capitalization of $58 billion.

Coinbase Global shares rose in late trading Thursday after the cryptocurrency exchange reported its first financial results since going public.

On Tuesday, Tesla shares fell following reports the company is facing resistance from Chinese officials to its plans to expand its Shanghai gigafactory. Musk also tweeted a poll question asking whether Tesla should accept dogecoin as payment.

Earlier this month, Tesla raised prices by $500 on its Model 3 vehicles and by nearly 1% on its Model Y sport utility model.

Shares of Tesla fell 1% in after-hours trading to $584.20.

This article was originally published by TheStreet.

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