Dogecoin bounds higher once again and only partly due to Elon Musk

Meme-inspired crypto Dogecoin is once again bounding higher, with the reason for the latest surge only partially due to Elon Musk.

In late-morning trading in London on Monday, the cryptocurrency was up 33.3% in the last 24 hours at US$0.53, giving the crypto a market cap of just over US$68bn.

The latest bounce for Dogecoin followed, once again, a tweet from Musk overnight in which he said was working with the crypto’s developers to improve system transaction efficiency, a development he dubbed “potentially promising”.

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

— Elon Musk (@elonmusk) May 13, 2021

Musk’s various tweets and comments around Dogecoin have widely been attributed as one of the key factors behind the crypto’s astronomical rise in value in the first months of 2021.

At time of writing, Dogecoin’s value has increased by around 10,340% since the start of the year.

Coinbase jumps in

However, Musk’s antics weren’t the only thing giving Doge a boost overnight, with the chief executive of crypto exchange () saying the company is planning to make the crypto available on its platform within the next six to eight weeks.

The company’s CEO Brian Armstrong broke the news on an earnings call following the company’s first-quarter results, the first numbers since Coinbase listed on the market last month.

Over the first quarter, the company reported a net income of US$771.5mln, in line with its forecasts of between US$730-US$800mln, while revenues came in on target at US$1.8bn.

The company also lifted its full-year forecast for monthly transaction users (MTUs) to between 5.5mln-9mln, up from its previous range of 4mln-7mln.

Coinbase also said it plans to speed up its process for listing new cryptos on its platform, a move that could bring a flood of new coins to the market as well as new revenues for the group.