Dogecoin jumps after Musk tweets about 'promising' system improvements

[SINGAPORE] Cryptocurrency dogecoin jumped as much as 20 per cent on Friday after Tesla boss Elon Musk said he was involved in work to improve the token's transaction efficiency.

"Working with Doge devs to improve system transaction efficiency. Potentially promising," Mr Musk said on Twitter.

Dogecoin rose from about US$0.43 to US$0.52 on the Binance cryptocurrency exchange immediately after the tweet.

Near worthless in late 2020, dogecoin has surged to become the fourth-largest cryptocurrency by market cap, according to CoinMarketCap.com, and is up more than a hundredfold this year as speculators have piled in to the asset class.

REUTERS