Dogecoin (DOGE) is once again running with the wolves after Tesla's Elon Musk tweeted "potentially promising" news for the network.
According to a Twitter comment by Musk on Thursday evening, Tesla and its CEO are "working with Doge" developers to "improve system transaction efficiency."
Prices across major exchanges including Binance, Bitfinex, FTX, Gemini and Poloniex are posting around 22% gains over a 24-hour period for the Shibu Inu-inspired meme coin. The cryptocurrency is currently changing hands for around $0.48. The increase came even as other major cryptocurrencies' prices sank.
The world's second-richest man has played a large role in DOGE's astronomical 9,400% rise in value since it was just a pup trading at around $0.005 on Jan. 1.
Musk's handiwork has previously affected DOGE's price. Last month, Tesla's CEO hinted the Shibu Inu-inspired crypto would feature on "Saturday Night Live," with Musk calling himself the "Dogefather." Prices immediately spiked on the tip, jumping 24% from $0.25 to $0.31.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.