Dog walking master Musk once again performed currency price magic, Doge surged 30% in 24 hours

According to Bitpush, Tesla CEO Elon Musk tweeted on Friday: "Working with Dogecoin developers to improve system transaction efficiency." Dogecoin began to soar after hearing the command from its owner. According to Bitpush data, as of press time, the price of Dogecoin was $0.539381, a daily increase of 30.45%. The "half-dollar coin" is back.

On Wednesday, Musk unexpectedly announced that Tesla would stop accepting Bitcoin as a means of payment due to concerns about its impact on the environment. This led to a panic sell-off in the entire cryptocurrency market, including Dogecoin. After Musk appeared on Saturday Night Live and called Dogecoin a "scam", Dogecoin has fallen sharply, falling to as low as $0.38.

Cryptocurrency exchange platform Coinbase announced on Thursday that it will list dogecoin in the next six to eight weeks. Many cryptocurrency traders have already flocked to the zero-fee investment app Robinhood to trade this virtual currency; now Coinbase's move may bring more trading traffic to dogecoin, thereby boosting its price again.

Musk had already launched a poll on Twitter on Tuesday about Dogecoin, asking the public whether they want Tesla to accept Dogecoin as a payment channel. The vote received 80% support.

Dogecoin has long been on the fringe of the crypto market. It started in 2013 as a joke to mock cryptocurrency, inspired by the "Doge" meme, but later found a growing online community. Dogecoin is now the fourth largest cryptocurrency on BitTorrent, with a total market value of more than $68 billion.

Financial experts have warned that Dogecoin is a highly speculative asset, sparking concerns about a potential bubble in the cryptocurrency market, though many say all cryptocurrencies are in a bubble.

Last week, Bank of England Governor Andrew Bailey warned that cryptocurrency investors should “be prepared to lose all your money,” echoing a similar warning from the U.K.’s Financial Conduct Authority.