Dogecoin rebounded more than 31% on news that it will be listed on Coinbase's exchange and that Elon Musk is researching ways to make Dogecoin more environmentally friendly.

The so-called "meme coin" crashed earlier this week, falling from a high of $0.71 on Saturday (May 8) to $0.36 yesterday. However, the two announcements helped it recover to over $0.50, while other cryptocurrencies continued to fall or had small gains.

The Coinbase news was particularly significant, with CEO Brian Armstrong telling investors that the cryptocurrency would be added to the platform within two months.

While Coinbase is one of the more recognizable names in online trading of cryptocurrencies, Dogecoin has not previously been present on the exchange. Users could track its value on Coinbase, but could only purchase it on rival sites such as Robinhood and Binance.

The move should help legitimize the coin, which some still consider a joke despite its market capitalization exceeding $60 billion and consistently ranking fourth in the cryptocurrency market capitalization rankings.

Meanwhile, Musk also made his own announcement, telling his 53 million Twitter followers, "Working with Doge developers to improve system transaction efficiency. Potentially promising." [The Tesla boss's tweet came a day after Tesla announced that it would not accept bitcoin due to concerns about its environmental impact, causing a $365 billion drop in the cryptocurrency market.

Musk also clarified his statement late last night by posting, "To be clear, I believe strongly in crypto, but it cannot promote a massive increase in fossil fuel use, especially coal."

Dogecoin, however, was already on the decline after Musk made remarks about Dogecoin during his Saturday Night Live hosting slot. The guest appearance was expected to take Dogecoin to new heights, but instead the coin tumbled when Musk called Dogecoin a "hustle."

Not all of the billionaire's Doge deals this week were negative. He also posted a poll asking his followers if they wanted Tesla to accept Dogecoin, and 72% voted to accept it.

What is not yet clear is whether Tesla will switch to accepting Dogecoin. With Elon Musk clearly supporting the currency, there is no chance that it will become an alternative to Bitcoin. However, relying on a less mature and still wildly volatile currency would put Tesla's interests at risk.

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