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Musk calls for maximisation of Dogecoin

Musk calls for maximisation of Dogecoin

Tesla billionaire, Elon Musk, who has repeatedly backed dogecoin over bitcoin, ethereum and other cryptocurrencies in recent months, has again gone to bat for the meme-based cryptocurrency.

Musk, the self-proclaimed techno king of Tesla who was once voted dogecoin’s CEO in a tongue-in-cheek Twitter poll, warned over limitations he sees with bitcoin and ethereum, branding them “slow” with “high” costs.

“There is merit [in my opinion] to doge maximizing base layer transaction rate and minimizing transaction cost with exchanges acting as the de facto secondary layer,” Musk said via Twitter, replying to dogecoin investor and YouTube, Matt Wallace.

“[Bitcoin and ethereum] are pursuing a multilayer transaction system, but base layer transaction rate is slow and transaction cost is high,” Musk added.

It is hoped that bitcoin, via its payments-focused lightning network and a recent upgrade called taproot, will be able to resolve some of its scaling issues, while ethereum, the second-largest cryptocurrency after bitcoin, is in the midst of a long-awaited upgrade that’s not expected to be completed for years.

Replying to a tweet by Wallace, Musk  claimed that “the dogecoin update is coming soon,” and that it “will position doge perfectly to become one of the most used currencies in the world.”

In May, he proposed a dogecoin upgrade that he claimed is “needed [for dogecoin] to become the currency of earth” and beat bitcoin “hands down.”

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The Dogecoin price has surged this year, initially riding January’s meme stock wave but subsequently developing a haphazard community somewhat led by Musk who envision it eventually competing with the likes of bitcoin and ethereum.

Musk, whose irreverent attitude to bitcoin and cryptocurrencies on Twitter has alienated much of the bitcoin community, has previously said all of his dogecoin related comments shouldn’t be taken seriously but has since ramped up his support of it—issuing calls for developer support and promising to put a “literal dogecoin on the literal moon” via his rocket company SpaceX.

Tesla continues to hold the more than $1 billion worth of bitcoin it bought near the beginning of the year—though that investment is now thought to be underwater—Musk has also indicated he personally holds dogecoin.

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