Elon Musk News: With an upcoming upgrade on the Dogecoin network on the agenda, Elon Musk is back on the scene. Saying that BTC and ETH are slow, Elon Musk claimed that there is a value to using DOGE accordingly.
Tesla CEO Elon Musk believes bitcoin and ether transaction costs are high and speeds are slow. Instead, he stated that Dogecoin, developed as a digital humor product, could serve as a solution as it minimizes fees.
Popular YouTuber Matt Wallace, who has recently produced content on crypto money focusing on DOGE news, reminded that “Dogecoin update will happen soon”. According to him, the upcoming upgrade will position the Shiba Inu dog-inspired coin as “one of the most used currencies in the world.”
Interestingly, Elon Musk, CEO of Tesla, SpaceX, and The Boring Company, responded immediately and supported Wallace’s point of view. The billionaire suggested that people could indeed use DOGE for faster payments at lower costs. Therefore, maximizing the base layer transaction rate of the humorous cryptocurrency can add some “value” to it.
At the same time, Musk took the opportunity to criticize BTC and ETH for their slow and expensive transactions at the base layer, especially as both still pursue multi-layer solutions.
Reminder: The Dogecoin update is coming soon! It will position Doge perfectly to become one of the most used currencies in the world.
— Matt Wallace ⚠️ (@MattWallace888) July 9, 2021
With this stance, Musk once again confirmed his support for Dogecoin. As previously reported, the billionaire intensified his relationships with the coin this year, leading to a snowball effect that boosted mass adoption and pushed the asset’s price to new highs a few months ago.
But interest in DOGE has been declining recently, and its price has dropped more than 70% since the peak. Some desperate investors are constantly pressing Musk to intervene again in hopes of rapid price increases that haven’t happened recently.