Elon Musk Tweets Again... This Cryptocurrency Rises 12%

Tesla CEO Elon Musk stated on Wednesday that the transaction fees for the Dogecoin cryptocurrency should be reduced to facilitate its widespread use for individual purchases. Musk's comments, made in a tweet, were a clear reference to AMC Entertainment's plans to accept the cryptocurrency as a payment method. In May, Musk mentioned that he was collaborating with Dogecoin developers to "improve the efficiency of transaction systems." Billy Markus, one of the co-founders of Dogecoin who is no longer involved in the project, responded to Musk's tweet in agreement and urged developers to issue a software update. The price of Dogecoin, initially created as a parody of cryptocurrencies, surged significantly after Musk mentioned it multiple times over the past year, increasing by more than 90 times. Dogecoin rose approximately 11.8% in the last 24 hours to reach $0.2232.