Dont Bet Everything on DOGE, warns Elon Musk

Dont Bet Everything on DOGE, warns Elon Musk

Elon Musk reveals why DOGE is his favorite cryptocurrency, as Dogecoin reaches new heights in trading activity, but slips by 2% following the news.

  • Elon Musk (Tesla & SpaceX CEO) outlines why Dogecoin (DOGE) is his favorite cryptocurrency.
  • Dogecoin (DOGE) reaches new heights in trading activity.
  • The top dog memecoin slipped by 2 percent following the news.

The extravagant billionaire Elon Musk (Tesla & SpaceX CEO) shared an important message to the cryptocurrency community during this year’s CEO Summit in London. On Tuesday, Mr. Musk took the stage at the conference to clear things up on Dogecoin (DOGE) (DOGE).

“I’m not advising anyone to buy cryptocurrency or bet the farm on Dogecoin,” the CEO of Tesla, Inc. Motors, SpaceX, and Twitter stated. Nonetheless, the meme-loving innovator was quick to pledge allegiance to the Dogecoin (DOGE) Army by asserting that $ Dogecoin (DOGE) is still his favorite digital currency, because it has got “the best humor and it has dogs.”

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In 2021, the signature black bandana-wearing Elon Musk (Tesla & SpaceX CEO) became the Dogefather for the 1st time. Dogecoin (DOGE) was introduced to the world on Saturday Night Live, as he took it upon himself to describe Dogecoin (DOGE) to the audience. “ Destiny loves irony,” Elon concluded.

All jokes aside, Elon admitted numerous times that he sees Dogecoin (DOGE) as a legitimate currency that can attract sufficient utility to the financial system. In addition of that, the Dogefather thinks that Dogecoin (DOGE) is even more suitable for retail adoption than Bitcoin, as Dogecoin (DOGE) is an altered version of BTC’s code.

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The argument has some merit, as the top dog cryptocurrency runs on self-sustainable blockchain tech (PoW), just like Bitcoin (BTC) – but with significantly lower transaction costs and short waiting time.

Dogecoin (DOGE) Hits All-Time High in Transactions

Although while Dogecoin (DOGE) has a long way to go to repeat its record-breaking peak of $0.73 set on May 8th, 2021, the price movement doesn’t tell the whole story. Nonetheless, the latest price consolidation period has the canine coin perilously hovering over the $0.07 price range, only a fraction of DOGE’s past glory.

Nonetheless, the recently introduced DRC-20 crypto token has increased Dogecoin’s utility so much that Dogecoin (DOGE) peaked in the largest transaction number in 24 hours.

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On The Flipside

  • Numerous Dogecoin (DOGE) veterans, including the Dogecoin (DOGE) Foundation, oppose the DRC-20 protocol.
  • The Dogecoin (DOGE) Army members argue that it floods the network; this is why, it’s more susceptible to outages.

Why This Matters

Dogecoin (DOGE) is the largest Proof-of-Work (PoW) blockchain tech network close to Bitcoin (BTC) (BTC).

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