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Dogecoin team has reportedly worked with Elon Musk since 2019

The developers behind the meme-based cryptocurrency have been working with the Tesla CEO to reduce Dogecoin energy consumption.

Chris Jarrard

May 14, 2021 7:30 PM

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While Dogecoin and Elon Musk have only been sharing headlines together very recently, a new report indicates that the development team behind the emerging cryptocurrency has been in contact with the Tesla and SpaceX CEO dating back to 2019.

According to a report from Decrypt, the four-person team behind Dogecoin turned down a funding offer from the eccentric billionaire, instead choosing to collaborate with Musk in an effort to make the cryptocurrency a greener alternative to Bitcoin. The Dogecoin team has also turned down financial offers from other wealthy investors.

The collaboration has intentions of positioning Dogecoin as the cheaper alternative to Bitcoin. On the efficiency side of things, the team is off to a strong start as Dogecoin only consumes around seven percent of the energy needed for Bitcoin. The team has aspirations of pushing that number even further.

Musk made headlines this past weekend when a comment he made while hosting Saturday Night Live sent the cryptocurrency into a dive during after-hours trading. On the flip side, the cryptocurrency was boosted by nearly the same amount yesterday when Musk Tweeted that he was working with the Dogecoin team. Stay tuned to Shacknews for more on Dogecoin, Elon Musk, and the ongoing rollercoaster ride that is the cryptocurrency market.

Chris Jarrard

Contributing Tech Editor

Chris Jarrard likes playing games, crankin' tunes, and looking for fights on obscure online message boards. He understands that breakfast food is the only true food. Don't @ him.