After a tweet from the head of Tesla and SpaceX, the cost of Dogecoin in two hours increased by 14%, to $ 0.22.
Dogecoin price jumped 14% in two hours to reach $ 0.22 after the altcoin was mentioned on Twitter by Tesla and SpaceX CEO Elon Musk.
He commented on a post by Dogecoin co-developer Matt Wallace, which stated that altcoin will become one of the most popular digital coins after the upcoming update.
Musk argues that this will be an advantage for Dogecoin as developers strive to increase the speed of basic-level transactions and reduce transaction costs.
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
The businessman also criticized Bitcoin and Ethereum. According to him, the transaction speed of these cryptocurrencies is low, and the transaction fees are high. Not all Twitter users agreed with Musk’s opinion.
.@elonmusk & @JeffBezos are pursuing a multi planetary space transport, but development is slow & cost is high.
There is merit imo to building rockets with spit and cardboard, increasing build speed and minimising cost.
— Peter McItsComingHome 🏴 (@PeterMcCormack) July 9, 2021
For example, in the crypto community, Peter McCormack, a well-known host of the podcast What Bitcoin Did, drew an analogy with the space industry and recommended that a businessman make space rockets out of cardboard to save assembly time and costs. The process of developing space transportation, according to McCormack, is slow and costly.
At the end of June, Musk supported the proposal to update the Dogecoin network. It states that the average transaction fee on the altcoin blockchain should be reduced by 100 times.
The businessman also explained why Dogecoin cannot be mined on the Tesla supercomputer.
Read also :Dogecoin will disappear from the market
