Elon Musk actually thinks that Dogecoin price is better than Bitcoin
Elon Musk returned to Twitter earlier this week to promote Dogecoin as the people’s crypto, sending its price soaring over 50%. Dogecoin price has surged over 200% since its January 30th low of $0.021, but it’s currently down almost 30% from its all-time high of $0.087 reached on January 29th. It seems that at this point, Musk has focused on Dogecoin’s technical viability in a more serious tone.
Elon Musk actually thinks that Dogecoin is better than Bitcoin, slamming the latter as deflationary to a fault
In a recent tweet, he took a shot at Bitcoin’s presumably deflationary monetary policy to make a case for DOGE:
Doge appears to be inflationary, but is not meaningfully so (fixed # of coins per unit time), whereas BTC is arguably deflationary to a fault.
Transaction speed of Doge should ideally be a few orders of magnitude faster.
— Elon Musk (@elonmusk) February 8, 2021
Doge appears to be inflationary but is not meaningfully so, whereas BTC is arguably deflationary to a fault. He also notes that Dogecoin is a few orders of magnitude faster than the Big Daddy of crypto.
At press time, Dogecoin returned to the top 10 on CoinMarketCap after soaring to $ 0.0873 on Feb. 7. It is far from beating the previous all-time high of $ 0.0875. , established after the cryptocurrency skyrocketed by more than 1,100% in just one day.
American rapper Snoop Dogg becoming the latest big name to rally behind the buzzing joke cryptocurrency.
In a viral tweet that addresses Tesla CEO Elon Musk, the most vocal proponent of Shiba Inu-inspired digital coin, Snoop Dogg attached a photoshopped cover of his seventh studio album.
@elonmusk pic.twitter.com/KElwKghpei
— Snoop Dogg (@SnoopDogg) February 6, 2021
Dogecoin’s resurgence is undoubtedly a testament to Elon Musk’s Twitter power.
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