Cryptocurrency dogecoin jumps 20 percent after Elon Musk says he'll 'improve efficiency'

Dogecoin rose from about $0.43 to $0.52.
Dogecoin rose from about $0.43 to $0.52. Photo credit: Getty Images

Cryptocurrency dogecoin jumped as much as 20 percent 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," Musk said on Twitter. Dogecoin rose from about $0.43 to $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, and is up more than a hundredfold this year as speculators have piled in to the asset class.