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Latest Dogecoin price fluctuations are linked to Elon Musk

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Tesla and its CEO, Elon Musk, said on Twitter Thursday evening that they are “working with Dogecoin developers to improve machine transaction performance.”

Prices for the Shibu Inu-inspired meme coin have risen by about 22% in the last 24 hours on major exchanges such as Binance, Bitfinex, FTX, Gemini, and Poloniex. The price of Dogecoin is currently around $0.48. The rise occurred although the prices of other major cryptocurrencies were falling.

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Meanwhile, Coinbase, a leading cryptocurrency exchange in the United States, reported that DOGE will be added to its portfolio in six to eight weeks, most likely caused by client demand, as has been the case with other major exchanges.

Since its early days when it was trading at about $0.005, the world’s second-richest man has played a significant role in DOGE’s astronomical 9,400 percent rise in value.

Musk’s work has influenced the price of DOGE in the past. Last month, Tesla CEO Elon Musk hinted that the Shibu Inu-inspired cryptocurrency will be featured on Saturday Night Live, referring to himself as the “Dogefather.” The tip resulted in a 24 percent increase in price, from $0.25 to $0.31.

DOGE’s price proceeded to rise in the days leading up to Musk’s appearance on the show, reaching an all-time high of about $0.74, but traders’ expectations were dashed when Musk made just a passing mention of the cryptocurrency that night.

Some claim that DOGE would not survive without Musk’s assistance, although developers seem to be making progress on a project that previously had no involvement from crypto experts.

In 2013, developers Jack Palmer and Billy Markus created Dogecoin as a joke to attract outsiders to the cryptocurrency industry. It has since grown in popularity, thanks in part to celebrity endorsements such as Snoop Dogg and Gene Simmons.

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