Dogecoin has been backed by Tesla CEO Elon Musk, who recently tweeted that the Bitcoin spoof might one day become a currency.
Musk has often referred to the meme currency as “the people’s crypto” in order to emphasise its vast popularity.
Dogecoin is a viable currency because of its inflationary process, which pushes individuals to spend more. Keeping the meme currency is improbable since it does not serve as a store of value.
On the other hand, Bitcoin is money that does not rise in value, making it “not a suitable alternative” for transactional cash, according to Musk. Dogecoin has previously been criticised by Tesla CEO Elon Musk for not being a viable currency.
Dogecoin, according to Robinhood CEO Vlad Tenev, is a cheaper alternative to established card networks. Ten-second block times are required for this to happen.
Dogecoin, on the other hand, lost more than 91% of its value from its high one year ago. After Twitter’s contract with Elon Musk was concluded, the meme cryptocurrency enjoyed a short-lived price surge. However, along with the rest of the market, the meme cryptocurrency also fell. The price of this product fell below 10 cents earlier this week.
Billy Markus, the co-founder of the joke cryptocurrency, sent a tweet that drew the attention of Tesla CEO Elon Musk: “I appreciate the joke cryptocurrency since it acknowledges it is ridiculous.”
Dogecoin was earlier projected by the centibillionaire as a joke to become the money of the world. According to the controversial entrepreneur, it would be “the most interesting conclusion.”
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