Early in the trading day on Friday, bitcoin was changing hands at just over $50,000 US.
Bitcoin relies on increasingly complicated computations to be mined, which creates massive demand for electricity to mine it.
Musk’s about-face caused the price of bitcoin to plummet.
Musk has been a fan of doge since 2019, but poked fun at it on his appearance on Saturday Night Live last weekend.
Bloomberg Intelligence strategist Mike McGlone says trying to predict the direction of something as volatile as doge is basically a cryptocoin toss, but “we see greater risks for mean reversion toward 5 cents vs.
Pete Evans is the senior business writer for CBCNews.ca.