Why Elon Musk Is Backing Dogecoin Over Bitcoin ?
Elon Musk, CEO of Tesla, continued his support for Dogecoin, commenting on his joke on his question of why Dogecoin preferred to Bitcoin, on his favorite platform Twitter.
“Curious what are your thoughts on ethereum 2.0, cardano, solana, polkadot, IOTA and others that are trying to scale with low fees,” asked Dave Lee, a YouTuber and Tesla investor. “What makes you choose doge over them?”
Curious what are your thoughts on Ethereum 2.0, Cardano, Solana, Polkadot, IOTA and others that are trying to scale with low fees?
— Dave Lee (@heydave7) May 24, 2021
What makes you choose Doge over them?
“[Dogecoin] has dogs and memes, whereas the others do not,” Musk replied. The cryptocurrency market has been flooded by digital tokens looking to improve on bitcoin over the last few years, with rivals to ethereum, the second-largest cryptocurrency after bitcoin, being challenged by a slew of alternatives that promise lower fees, faster transaction times and improved efficiency.
Earlier, Musk issued a call to developers to submit ideas for dogecoin upgrades and improvements via Reddit and GitHub, also replying to a news story about ethereum upgrades, saying ethereum’s co-founder Vitalik Buterin “fears the [doge].”
“Someone suggested changing dogecoin fees based on phases of the moon, which is pretty awesome,” Musk added, telling one other Twitter user dogecoin developers “told [him] they would appreciate help.”
Dogecoin, despite attracting criticism for its lack of development and high token concentration among a small group of accounts, has soared a staggering 12,000% on this time last year as people bet the price will continue to climb and social media influencers and billionaires cheer on the Shiba Inu dog-based memecoin—fuelling speculation the dogecoin price could climb as high as $1 per dogecoin token.
Musk, who enthusiastically embraced the honorary title of dogecoin CEO following a 2019 Twitter poll, has repeatedly named the meme-based cryptocurrency as his preferred digital token over recent years.
However, speaking during an interview in February, Musk said all his dogecoin-related comments shouldn’t be taken seriously—something that continues to cast doubt over how much attention should be paid to Musk’s frequent, market-moving dogecoin posts.
