Elon Musk sides with Dogecoin and has reignited the crypto scalability debate by calling Bitcoin and Ethereum slow, he also said Dogecoin’s upcoming network upgrade would make it more efficient than both BTC and ETH.
With a tweet applauding DOGE’s transaction efficiency, Musk has done it again for his favourite cryptocurrency. Musk compared DOGE’s transaction rate to BTC and ETH’s multilayer transaction capabilities in a tweet today.
DOGE has a faster transaction mode, according to Musk, because the meme currency focuses on “maximizing base layer transaction rate & minimizing transaction cost with exchanges operating as the de facto secondary layer.”
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
While BTC and ETH are being integrated into a multilayer transaction system, their base layer remains unchanged, with poor transaction rates and high transaction costs, which is in direct opposition to DOGE’s strategy.
Musk’s advocacy of DOGE was sparked by a tweet from a DOGE community member earlier this week. Musk was retweeting a message that said,
“the dogecoin update is coming soon! It will position doge perfectly to become one of the most used currencies in the world.”
Elon Musk has attained the highest celebrating status in the crypto world and is well-known for his year-long market manipulation tweets on various cryptocurrencies.
First, his statement that Tesla would take Bitcoin as payment for electric vehicles skyrocketed the price of the leading cryptocurrency.
Soon after, he reversed his euphoric stance by withdrawing from his bitcoin-related pledges and dismissing Tesla’s announcement, citing Bitcoin mining’s unsustainable nature.
Musk has been promoting meme coins on Twitter incessantly. Musk has used social media to influence the pricing of meme currencies ranging from Shiba Inu and Floki to Baby DOGE and DOGE.
Dogecoin is his most recent trending pick, and Musk shows no signs of stopping his influencer marketing for DOGE anytime soon.
Nonetheless, many individuals see Musk’s promotion as a ruse to gain control of the crypto market, and the crypto community is not appreciative of Musk’s deception.
Musk may not stop tweeting market manipulation, but the market appears to have reached saturation, as his tweets have failed to have a similar impact on the price of Dogecoin in recent weeks, as the meme currency has continued to fall.
