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Dogecoin soared Friday after a tweet from supporter Elon Musk, and as Coinbase said it wish list the meme-inspired cryptocurrency.
The price of dogecoin climbed to an intraday high above 56 cents in early morning buying, according to Coin Metrics data. As of 10:30 a.m., dogecoin was up 39.4% at 54 cents per coin, on track for its best day since Apr. 16. It’s stock-still down about 20% from a record high of nearly 67 cents only a week ago.
Musk tweeted Thursday that he was be effective with dogecoin developers to improve the efficiency of transactions.
On Wednesday, the Tesla CEO made a surprise announcement that his thrilling car firm would stop accepting bitcoin as payment due to concerns over its environmental impact.
Dogecoin isn’t taken plumb seriously by loyal bitcoin supporters. It started in 2013 as a joke, inspired by the “Doge” meme, but has since found a expanding community online. Dogecoin is now the fourth-largest crypto by market value on CoinMarketCap, worth over $68 billion.
Economic experts warn that dogecoin is a highly speculative asset. It has stoked worries over a potential bubble in crypto demands — though some economists would say all cryptocurrencies are in a bubble.
Last week, Bank of England Governor Andrew Bailey notified crypto investors should be “prepared to lose all your money,” echoing a similar warning from the U.K.’s Financial Administer Authority.
Bitcoin was also higher Friday, with the world’s biggest digital asset up 3.7% at a price of $50,695. Ether, the second-biggest cryptocurrency, go 10.3%, to $4,052.