Tesla billionaire Elon Musk has once more opted for the meme-based cryptocurrency after supporting Dogecoin against Ethereum, Bitcoin, and Ethereum.
Musk, Tesla's self-proclaimed techno king and who was once elected CEO at Dogecoin through a winking Twitter vote, warned about the limitations of Bitcoin and Ethereum. He also called them "slow" and "high" in costs.
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Tesla billionaire Elon Musk has accepted "joke" Bitcoin and Ethereum rival Dogecoin as favorite projects ... [+] in the last few months, which led to a rise in prices.
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"There are merits [in mine] Doge, maximising base layer transaction rates and minimizing transaction costs with exchanges acting de facto secondary layers," Musk said of Twitter in reply to Matt Wallace, the Dogecoin investor.
Musk added that "[Bitcoin] and there pursue a multitier transaction system. However, the base tier transaction rates are slow, and transaction costs are high.
Bitcoin is hopeful that it will solve some of its scaling problems via its payments-centric lightning networks and a recent taproot upgrade. Meanwhile, Etheruem is in the middle of a long-awaited promotion, which is not expected to be finished for many years.
Musk replied to Wallace's tweet, claiming that "the Dogecoin Update is Coming Soon" and that it would "perfectly position Doge for becoming one of the Most Used Currency in the World."
Musk suggested a Dogecoin upgrade in May. He claimed it was "needed." Dogecoin should be the "currency of the world" and be able to defeat the Bitcoin mind-bogey.
Dogecoin's price has risen this year. It was initially due to the Meme stock wave in January. Later, an arbitrary community emerged led by Musk. They envision that it will eventually be able to compete with Ethereum and Bitcoin.
Musk's disrespectful attitude toward Bitcoin and Cryptocurrencies on Twitter has alienated a lot of the bitcoin community. However, Musk has since increased his support for Dogecoin and challenged and encouraged developer support. In addition, he promised to bring a "literal Dogecoin" to the literal moon through SpaceX, his rocket company.
Tesla still holds the bitcoins worth more than $ 1 Billion it purchased earlier this year, though that investment is now considered to be underwater. Musk, however, has stated that he also owns Dogecoin.
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Comments from Tesla and SpaceX CEO Elon Musk on Twitter did not raise the Dogecoin price ... [+] which has fallen sharply in the last month.
Dogecoin's price has dropped sharply over the past weeks, as fickle investors abandoned Dogecoin to find the next digital asset.
The Dogecoin price didn't change immediately after Musk's most recent Doge tweet. This marked difference from earlier in the year when Musk's early morning and late-night tweets frequently moved the market by double-digit percent.
Dogecoin has fallen 30% in the last month. The sell-off was even more rapidly over the past week.
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