Elon Musk again tweeted in support of Dogecoin, the coin rose 8 percent


Elon Musk has been supporting Dogecoin since its inception. He always sees an opportunity to support this digital coin. It is clear that they want to take this coin to the next level. What started as a satire, the meme-based cryptocurrency now holds a market cap of 2.1 trillion. On July 9, Tesla CEO Musk warned about bitcoin and ethereum that bitcoin and ethereum are following a multi-layer transaction system. But their transaction rate is slow and the price is high.

Musk’s comment came in response to a tweet by Matt Wallace, a Dodgecoin investor and YouTuber. “Update on DodgeCoin coming soon. This will take it to the position of the world’s most popular cryptocurrency,” Wallace wrote in a tweet on Friday.

In response to this tweet, Musk wrote, “BTC [Bitcoin] and ETH [Ethereum] Multi-layers are following multi-layer transactions, but the base layer transaction rate is very slow and the price is high.”

Musk also reacted with some other users. For example, Twitter user @PPhole noted that Dogecoin was already 15x faster than Bitcoin.

“Fee drop is easy to achieve. Block size increase is easy to achieve. Getting 10x block time speed is the hardest part,” he wrote.

“Block size and frequency must continually increase to match the widely available bandwidth,” Musk responded.

Another user, @TeslaGong, then asked, “What would be a good location for the number of transactions per second – should it reach Visa speed to be really useful?”

Dodgecoin enthusiasts were once again eager to respond and explain that it does not need to reach Visa speeds as regulated exchanges will act as a real second layer.

“But perfect doesn’t have to be the enemy of good — it’s still good to increase base layer transaction speed and lower base layer transaction cost,” Musk said.

Following Musk’s active presence and clarification of various aspects of Dogecoin, the crypto token rose 8% on Friday after falling nearly 10% on Thursday. Dodgecoin was trading at Rs 15.92 on July 12 at 12 noon (IST).


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