After dogecoin dropped 10% in 24 hours on July 8, an early morning tweet on July 9 from Elon Musk brought the meme cryptocurrency back up, for now.

In a reply to crypto YouTuber Matt Wallace, the Tesla CEO and dogecoin enthusiast tweeted that the meme coin could beat out Ether and Bitcoin after a protocol change it is rolling out soon.

BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.

There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.

— Elon Musk (@elonmusk) July 9, 2021

He added that dogecoin is different than Bitcoin and Ether when it comes to transactions.

The self-proclaimed dogecoin enthusiast’s tweet brought the price of dogecoin up to around 22 cents in the early morning on July 9. The cryptocurrency had dropped to 19 cents the day before.

After rising to a high of nearly 74 cents in May, dogecoin has mostly lost value since then. Despite corrections, the meme coin is still outperforming the stock market.

In the U.S., Sen. Elizabeth Warren sent a letter to SEC Chairman Gary Gensler asking for information about the agency’s authority and position on regulating cryptocurrency exchanges.