Australia markets closed
  • ALL ORDS

    7,624.30
    +23.80 (+0.31%)
     
  • ASX 200

    7,368.90
    +9.90 (+0.13%)
     
  • AUD/USD

    0.7514
    -0.0037 (-0.49%)
     
  • OIL

    70.29
    -0.75 (-1.06%)
     
  • GOLD

    1,779.10
    +4.30 (+0.24%)
     
  • BTC-AUD

    49,910.19
    -1,942.28 (-3.75%)
     
  • CMC Crypto 200

    926.34
    -43.53 (-4.49%)
     
  • AUD/EUR

    0.6315
    -0.0021 (-0.33%)
     
  • AUD/NZD

    1.0783
    +0.0005 (+0.05%)
     
  • NZX 50

    12,551.93
    +10.73 (+0.09%)
     
  • NASDAQ

    14,163.81
    +180.80 (+1.29%)
     
  • FTSE

    7,049.41
    -104.02 (-1.45%)
     
  • Dow Jones

    33,823.45
    -210.22 (-0.62%)
     
  • DAX

    15,522.83
    -204.84 (-1.30%)
     
  • Hang Seng

    28,801.27
    +242.68 (+0.85%)
     
  • NIKKEI 225

    28,964.08
    -54.25 (-0.19%)
     

Elon Musk efficiency tweet pushes Dogecoin prices up again

·Senior News Editor
·1-min read

Last weekend the price of Dogecoin (a meme-inspired cryptocurrency that was developed "in about two hours" in 2013) fell sharply after Elon Musk said on Saturday Night Live that cryptocurrency is a "hustle." Now, possibly confirming that statement, Musk has followed up his announcement that Tesla is "suspending" accepting payments in Bitcoin because of its inefficiency, by tweeting about "potentially promising" improvements in Dogecoin.

This content is not available due to your privacy preferences.
Update your settings here to see it.

Naturally, his tweets have increased speculation that Dogecoin could have a future use and Coinbase reports its value shot up 18 percent, before falling again. The Tesla reveal indicated the company would look for more energy efficient options than the "insane" usage trend shown by Bitcoin, although Musk's apparent surprise at this widely known fact made the whole thing feel like a stunt. Like Bitcoin, Dogecoin relies on less efficient "proof of work" blockchain technology, and more efficient cryptocurrencies are already available, but that hasn't stopped speculators from chasing the dream of Tesla, SpaceX and Doge.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting