Elon Musk holds tight to DOGE!

8/6/2022, 09:16 AM
Elon Musk holds tight to DOGE!
Dogecoin was created as a meme coin, but it has quickly gained serious attention from some of the world’s richest people. One of the most vocal supporters of Dogecoin is Elon Musk, the CEO of Tesla. In a recent interview, Musk stated that he believes that the Dogecoin blockchain has a much greater transactional capacity than Bitcoin. He also pointed out that DOGE can currently be used to buy merchandise at Tesla and SpaceX, and that it is also accepted as a form of payment at other large companies such as The Boring Company.

Musk explained that Dogecoin transactions are completed in 60 seconds while bitcoin transactions take approximately 10 minutes to be completed. For Musk, this is enough for the meme coin to be considered a better payment system. The fact that it has a light-hearted community also seems to help. He further emphasized that Dogecoin’s inflationary factor, which allows 5 billion coins to be created annually, may be better in the long term to establish its use as a transactional currency.

One of the disadvantages of deflation is that it encourages hoarding, as the perceived real value of the currency increases over time. This problem could affect the bitcoin economy in the future, considering that according to studies conducted in 2013 by the University of San Diego and George Mason University, more than 60% of all bitcoin mined have not moved since 2018.

I’m mainly supporting Doge frankly, because I think Doge has the memes and dogs and it seems to have a sense of humor and doesn’t take himself too seriously. I think actually weirdly even though Doge was just designed to be like this ridiculous joke currency, but the actual total transactional throughput capability of Doge is much higher than bitcoin.
- Elon Musk

Another issue that Musk discussed is the growing number of scams around cryptocurrencies. He warned that his Twitter account is targeted by a lot of scammers due to his high interaction with his followers.

Elon Musk’s influence on the crypto community is more than proven, scientifically proven, in fact. A study by Dr. Lennart Ante for the Blockchain Research Lab revealed that the Musk effect is real. Every time Elon Musk tweets about Dogecoin, it tends to pump the prices of this cryptocurrency almost immediately.

Musk also clarified that he has nothing to do with other meme coins such as Elon and other Elon-themed cryptocurrencies. Therefore, although Musk supports two meme cryptocurrencies (Shiba Inu and Dogecoin), he has no interest in any other cryptocurrency.