It was discovered that the price of Dogecoin which is a cryptocurrency that was developed “in about two hours” established in 2013 fell sharply after Elon Musk said on Saturday Night Live that cryptocurrency is a “hustle.”

Recently, a statement which may confirm this, Musk followed up his announcement that Tesla is “suspending” accepting payments in Bitcoin because of its inefficiency, by tweeting about “potentially promising” improvements in Dogecoin.

Working with Doge devs to improve system transaction efficiency. Potentially promising.— Elon Musk (@elonmusk) May 13, 2021

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.

Read also: How to buy Dogecoin in Nigeria

The action by Tesla revealed 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 hasn’t stopped speculators from chasing the dream of Tesla and Doge.

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