Dogecoin gains over 25% after Elon Musk says he might take it as payment for Tesla

Dogecoin gains over 25% after Elon Musk says he might take it as payment for Tesla

Dogecoin gained over 25% within 24 hours after Elon Musk said he might accept it as a payment method for Tesla, after having stopped payments for his company's products in bitcoin over environmental concerns. Dogecoin rose 25.7% to $0.538253 in the 24 hours to 03:57 E.T. according to . It initially jumped in value at 19:45 E.T. on Thursday after Elon Musk's about considering the cryptocurrency as a payment method for Tesla. "Working with Doge devs to improve system transaction efficiency. Potentially promising." he said. Dogecoin is the fourth largest cryptocurrency in circulation based on market capitalization. After Musk's tweet, the value of the dogecoin market rose by over $10 billion to around $67 billion, as trading volume accelerated. The token, which originally started as a joke and is therefore often described as a "meme coin," has rallied since early April and reached a record high of $0.731578 on May 8. It has made year-on-year gains of 20,987.6%. Earlier in the week, Musk said his electric vehicle company Tesla would no longer accept bitcoin payments over environmental concerns. Bitcoin, which is the world's largest cryptocurrency, after Tesla's announcement and with it. In his statement, Musk also said he would be