Dogecoin surges on Elon Musk tweet as crypto rollercoaster continues

Dogecoin jumped on renewed support from Elon Musk, adding to a volatile week for digital currencies that’s been whipped up largely by the Tesla Inc. chief executive officer himself.

After Musk tweeted on Thursday that he is working with Dogecoin developers to “improve system transaction efficiency,” the Shiba-Inu-themed token with no practical uses surged from about 43 cents to 51 cents in a matter of minutes. It’s up by about 30% in the past 24 hours, according to Coinmarketcap.com.

Bitcoin fluctuated on Friday, and was trading at around $50,500 as of 6 a.m. in New York. The largest digital token is on course for a weekly slump of more than 10%.