Dogecoin gains 8% on Elon Musk comments on DOGE Payments



oi-Sneha Kulkarni

| Published: Friday 9 July 2021, 4:42 pm [IST]

After Elon Musk’s latest publicity stunt, the price of Dogecoin (DOGE), the price rose to almost 8%, the cryptocurrency may require a new marketing strategy.

“Dogefather” Musk claimed in a July 8 tweet that Dogecoin could be a superior payment system than Bitcoin (BTC) or Ethereum (ETH).

Dogecoin (DOGE) is a crypto currency based on the popular internet meme “Doge” and has a Shiba Inu logo. Dogecoin developers envisioned it as a light-hearted, humorous cryptocurrency that would appeal to a wider audience than just Bitcoin users.

Tesla and SpaceX CEO responded to crypto YouTuber Matt Wallace, who expressed excitement over an upcoming protocol change, the latest in a long line of plugs.

“BTC and ETH are working on a multi-tier transaction system,” said Musk, “but the base tier transaction rate is slow and transaction costs are high.”

With a 24-hour trading volume of $ 2,901,278,982, the current Dogecoin price is $ 0.218396. In the past 24 hours, Dogecoin has gained 2.39 percent.

SHIBA INU (SHIB) had previously competed with DOGE when retail investors flocked to meme trades. With his own social media activities, Musk inadvertently distracted focus from DOGE. The pair are still 70% off their all-time highs from May 8th when Musk went on Saturday Night Live to introduce Dogecoin to a wider audience.

BTC and ETH follow a multi-tier transaction system, but the base tier transaction rate is slow and the transaction costs are high.

It is in credit that Doge maximizes the base tier transaction rate and minimizes transaction costs, with the exchanges acting as the de facto secondary tier.

– Elon Musk (@elonmusk) July 9, 2021

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Story first published: Friday, July 9, 2021, 4:42 pm [IST]

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