Tesla billionaire Elon Musk issues serious warning on Bitcoin and Ethereum, calls for maximizing Dogecoin upgrade after price drop

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Tesla billionaire Elon Musk, who has repeatedly backed dogecoin against bitcoin, ethereum, and other cryptocurrencies in recent months, has once again fought for memes-based cryptocurrency.

Musk, the self-proclaimed Tesla technoking who was previously elected CEO of dogecoin in a tongue-in-cheek Twitter poll, warned of the limitations he sees with bitcoin and ethereum, calling them “slow” with costs ” high ”.

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MORE FORBESDogecoin Suddenly Crashes After Major Investor Backs Radical New Crypto Coin By Sending Its Price 1000% HigherBy Billy Bambrough

Tesla billionaire Elon Musk has adopted “joke” bitcoin and rival Ethereum dogecoin as his pet project … [+] in recent months, helping its price to skyrocket.

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“There is merit [in my opinion] the doge to maximize the base layer transaction rate and minimize transaction costs with exchanges acting as the de facto secondary layer, ”Musk said via Twitter, responding to dogecoin investor and YouTuber Matt Wallace.

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

It is hoped that bitcoin, through its payments-focused Lightning network and a recent upgrade called taproot, will be able to fix some of its scaling issues, while etheruem, the second largest crypto currency after bitcoin, is in the midst of a much anticipated upgrade that is not expected to be completed for years to come.

Musk was responding to a tweet from Wallace claiming that “the dogecoin update is coming soon” and that it “will perfectly position the doge to become one of the most widely used currencies in the world.”

In May, Musk offered a dogecoin upgrade that he said is “necessary [for dogecoin] to become the currency of the Earth ”and beat bitcoin“ hands down ”.

The price of dogecoin has jumped this year, first riding the meme-share wave of January, but subsequently developing a somewhat Musk-led random community who imagines it competing with bitcoin and ethereum.

Musk, whose irreverent attitude toward 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 has since stepped up its support for the issuance of developer support appeals and vowed to put a “literal dogecoin on the literal moon” through its rocket company SpaceX.

Tesla continues to hold the more than $ 1 billion worth of bitcoins he purchased at the start of the year, although this investment is now considered underwater, but Musk has also indicated that he personally holds dogecoins. .

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MORE FROM FORBES ‘We just pulled the pin off the pomegranate’ – Radical New Bitcoin Company Issues Stark Coinbase Price WarningBy Billy Bambrough

Comments from Elon Musk, CEO of Tesla and SpaceX, via Twitter failed to rally the price of dogecoin … [+] which fell sharply last month.

Coinbase

The price of dogecoin, up more than 4,000% from the same period last year, has fallen sharply in recent weeks, as finicky investors looking for the next trending digital asset have lost interest in dogecoin.

The price of dogecoin did not budge immediately after Musk’s last doge tweet, a marked difference from earlier this year, when Musk’s early morning and late evening tweets steadily shifted the market percentages to two. figures.

Over the past month, the price of dogecoin has lost around 30%, with its sale accelerating in the past week, even as a new Tiger King-branded cryptocurrency has risen by 1000% thanks to backing from Wallace who has said last weekend that he was buying the little-known token.

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