Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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.

Meanwhile, U.S. cryptocurrency exchange Coinbase announced it would be adding DOGE to its suite of crypto offerings in six to eight weeks, likely due to client demand as has been the case with other major exchanges.

CoinDesk - Unknown

Doge price

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.

DOGE's price continued to soar leading up to Musk's appearance on the show, touching an all-time high of around $0.74, but immediately cooled after traders' hopes were dashed by Musk's meager mention of the crypto that night.

The problem, some argue, is that DOGE is unlikely to survive without Musk's help, though developers appear to be making headway in a project that once had zero involvement from crypto technicians.

Dogecoin started as a joke in 2013 by creators Jack Palmer and Billy Markus to draw newcomers to the cryptocurrency industry. It has since gained immense fame at least partly because of celebrity endorsements from the likes of Snoop Dogg and Kiss's Gene Simmons.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.