Dogecoin prices spike again as Elon Musk keeps tweeting

The meme currency has grown by more than 130 times this year.

Days after Elon Musk announced SpaceX's commitment to accept a company’s payment in Dogecoin and Tesla suspended purchases using Bitcoin, price of cryptocurrency Dogecoin has seen ups and down.

With Elon Musk’s Saturday Night Live debut last weekend, the Dogecoin registered a surge in prices, but soon plummeted after he called the meme-inspired cryptocurrency a 'hustle'.

Looks like Musk's tweets are the driving force behind the ups and downs of Dogecoin. After a recent tweet on May 14 by Musk, its (Dogecoin) price started soaring yet again.

Dogecoin plummets 23% after Elon Musk jokes about gifting it to mother Maye on Saturday Night Live

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

Working with Doge devs to improve system transaction efficiency. Potentially promising.

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— Elon Musk (@elonmusk) May 13, 2021

Known as a internet troll, with a history of using microblogging site to throw the stock market into a tailspin for the sake of a punchline, Musk posted another tweet saying 'Don't Panic'. Though people looking at it as a prank, but with Musk's past history nobody knows it seriously what he meant.

According to Coinbase and Trading View, following Musk's tweets, Dogecoin’s value jumped by as much as 18 percent, with its market cap spiked by $10 billion. Compared to a day earlier, Dogecoin’s value is still coasting about 11 percent higher.

On Wednesday, Tesla founder announced that it would no longer be accepting vehicle payments in Bitcoin. He cited 'rapidly increasing use of fossil fuels for Bitcoin mining and transactions' as supposed reason.

While on the other side, SpaceX agreed to accept a payment solely comprised of Dogecoin from the Canada-based Geometric Energy Corporation to secure its spot for an 88-pound satellite aboard a space mission scheduled for 2022, reported tech website Gizmodo.