Dogecoin, the meme-inspired cryptocurrency featuring a Shiba Inu as its mascot, was bounding higher on Tuesday morning following yet another intervention from Tesla boss Elon Musk, once again proving his influence as a crypto market mover.
In late morning trading in London, Dogecoin was up 4.4% at US$0.33, giving it a market cap of around US$42.5bn.
READ: Dogecoin bounds higher once again and only partly due to Elon Musk
The jump in value, which was relatively small by crypto standards, followed a tweet from Musk overnight when he requested that users wishing to help develop the Dogecoin blockchain should submit ideas to GitHub, an internet host for software development.
If you’d like to help develop Doge, please submit ideas on GitHub & https://t.co/liAPQMFaQB @dogecoin_devs
— Elon Musk (@elonmusk) May 24, 2021
Musk also indicated that he was monitoring some of the ideas being pitched by Dogecoin fans, highlighting one proposal that Dogecoin fees be charged based on the cycle of the Moon, perhaps in reference to the phrase of sending cryptos “to the moon” by causing their prices to rocket.
Someone suggested changing Dogecoin fees based on phases of the moon, which is pretty awesome haha
— Elon Musk (@elonmusk) May 24, 2021
However, despite the recent uptick, Dogecoin is still trading well below its all-time high of US$0.73 which was reached earlier this month, with the crypto having tumbled around 55% since then amid several sharp downturns in the market, culminating last week in a broader crypto crash that saw prices of digital coins tumble across the board.