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5/14, 1:33 AM (Source: TeleTrader)
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Musk working to improve Doge transaction efficiency

Tesla CEO Elon Musk tweeted that he was working with developers of Dogecoin to improve the cryptocurrency's system transaction efficiency.

The billionaire commented on the new collaboration, calling it "potentially promising." He also further criticized crypto mining's impact on the environment saying that while he "strongly believes" in cryptocurrencies, they cannot "drive a massive increase in fossil fuel use, especially coal," adding that it was time for a high carbon tax.

Dogecoin has recently been at the forefront of Musk's Tesla and SpaceX news, with the latter using the digital currency for fundraising a satellite launch, while the former floated the idea of using it for car payments.

Following the news, Dogecoin soared 25.52% trading for $0.491675 at 1:32 am CET.

Breaking the News / OL