While Dogecoin and Elon Musk only shared headlines until recently, a new report revealed that headlines were not the only thing they shared. After a tweet by Musk, it was learned that the developers behind the internet meme-based cryptocurrency were working with Tesla CEO to reduce Dogecoin’s energy consumption.
Dogecoin developer Ross Nicoll told Decrypt on Friday; He stated that they have been in contact with the CEO of Tesla and SpaceX since 2019. Since Nicoll started meeting with them; He said he “encouraged them to increase transaction volume”, provided “lots of advice and data” and shared broad business contacts with them.
According to Decrypt’s report, the four-person team behind Dogecoin turned down the eccentric billionaire’s funding offer, instead opting to partner with Musk to make the cryptocurrency a greener alternative to Bitcoin. It was learned that the Dogecoin team also turned down the financial offers of other wealthy investors.
The collaboration has the intention of positioning Dogecoin as a cheaper and greener alternative to Bitcoin. On the efficiency side, the team gets off to a strong start as Dogecoin consumes only seven percent of the energy required for Bitcoin. The team has a desire to further develop this number.
A comment Musk made while hosting the Saturday Night Live recently caused the cryptocurrency to lose value. Yesterday, the cryptocurrency increased by almost the same amount when Musk tweeted that he was working with the Dogecoin team.