- Elon Muskย (Teslaย &ย SpaceX CEO) outlines why Dogecoinย (DOGE) is his favorite cryptocurrency.
- Dogecoinย (DOGE) reaches new heights in trading activity.
- The top dog memecoin slipped by 2 percent following the news.
The extravagant billionaire Elon Muskย (Teslaย &ย SpaceX CEO) shared an important message to the cryptocurrency community during this yearโs CEO Summit in London. On Tuesday, Mr. Musk took the stage at the conference to clear things up on Dogecoinย (DOGE) (DOGE).
โIโm not advising anyone to buy cryptocurrency or bet the farm on Dogecoin,โ the CEO of Tesla,ย Inc. Motors, SpaceX, and Twitter stated. Nonetheless, the meme-loving innovator was quick to pledge allegiance to the Dogecoinย (DOGE) Army by asserting that $ Dogecoinย (DOGE) isย still his favorite digitalย currency, because it has got โthe best humor and it has dogs.โ
In 2021, the signature black bandana-wearing Elon Muskย (Teslaย &ย SpaceX CEO) became the Dogefather for the 1st time. Dogecoinย (DOGE) was introduced to the world on Saturday Night Live, as he took it upon himself to describe Dogecoinย (DOGE) to the audience. โ Destiny loves irony,โ Elon concluded.
All jokes aside, Elon admitted numerous times that he sees Dogecoinย (DOGE) as a legitimate currency that can attract sufficient utility to the financial system. Inย addition of that, the Dogefather thinksย that Dogecoinย (DOGE) is even more suitable for retail adoption than Bitcoin, as Dogecoinย (DOGE) is an altered version of BTCโs code.
The argument has some merit, as the top dog cryptocurrency runs on self-sustainable blockchainย tech (PoW), just like Bitcoinย (BTC) โ but with significantly lower transaction costs and short waiting time.
Dogecoinย (DOGE) Hits All-Time High in Transactions
Althoughย while Dogecoinย (DOGE) has a long way to go to repeat its record-breakingย peak of $0.73 set on May 8th, 2021, the price movement doesnโt 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 DOGEโs past glory.
Nonetheless, the recently introduced DRC-20 cryptoย token has increased Dogecoinโs utility so much that Dogecoinย (DOGE) peaked in the largest transaction number in 24 hours.
On The Flipside
- Numerous Dogecoinย (DOGE) veterans, including the Dogecoinย (DOGE) Foundation, oppose the DRC-20 protocol.
- The Dogecoinย (DOGE) Army members argue that it floods the network; thisย isย why, itโs more susceptible to outages.
Why This Matters
Dogecoinย (DOGE) is the largest Proof-of-Work (PoW) blockchainย tech network closeย to Bitcoinย (BTC) (BTC).
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