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Elon Musk, the Tesla entrepreneur who has consistently favored dogecoin above bitcoin, ethereum, and other cryptocurrencies in recent months, has backed the meme-based cryptocurrency once more. Musk, the self-proclaimed Tesla technoking who was previously voted dogecoin’s CEO in a satirical Twitter poll, has warned about the limitations he sees with bitcoin and ethereum, calling them “slow” and “expensive.”
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Billy Bambrough contributed to this article.

In recent months, Tesla entrepreneur Elon Musk has adopted “joke” bitcoin and ethereum rival dogecoin as a pet project, helping its price soar.
courtesy of Getty Images
Musk responded to dogecoin investor and YouTuber Matt Wallace on Twitter, saying, “There is merit [in my opinion] to doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer with exchanges acting as the de facto secondary layer with exchanges acting as the de facto secondary layer with exchanges acting as the de facto secondary layer with exchanges acting as the de facto secondary layer with exchanges acting as the de facto secondary layer with exchanges acting as
“[Bitcoin and ethereum] are pursuing a multilayer transaction architecture,” Musk continued, “but base layer transaction rate is slow and transaction cost is expensive.”
Bitcoin is hoped to tackle some of its scaling challenges with its payments-focused lightning network and a recent upgrade called taproot, while etheruem, the second-largest cryptocurrency after bitcoin, is in the middle of a long-awaited upgrade that won’t be completed for years.
Musk was responding to Wallace’s tweet, which stated that “the dogecoin update is coming shortly” and that it “will position doge wonderfully to become one of the most widely used currencies in the world.”
Musk recommended a dogecoin upgrade in May, claiming that it is “necessary [for dogecoin] to become the currency of Earth” and that it will “hands down” beat bitcoin.
The price of dogecoin has risen dramatically this year, riding the wave of meme stocks in January but later building a chaotic community lead by Musk, who sees it someday competing with bitcoin and ethereum.
Musk, whose irrational attitude toward bitcoin and cryptocurrencies on Twitter has alienated much of the bitcoin community, previously stated that all of his dogecoin-related comments should not be taken seriously, but has since increased his support for it, issuing developer calls and promising to put a “literal dogecoin on the literal moon” via his rocket company SpaceX.
Tesla continues to keep the more than $1 billion in bitcoin it purchased towards the start of the year—though that investment is now assumed to be in the red—but Musk has also stated that he has dogecoin personally.
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MORE FROM FORBES’We Just Ripped The Pin Out Of The Grenade’-Radical New Bitcoin Company Issues’We Just Ripped The Pin Out Of The Grenade’-Radical New Bitcoin Company Issues A stern warning about the price of Coinbase has been issued. Billy Bambrough contributed to this article.

Elon Musk, the CEO of Tesla and SpaceX, has failed to rally the dogecoin price, which has dropped dramatically over the previous month.
Coinbase
The price of dogecoin, which was up over 4,000 percent this time last year, has dropped drastically in recent weeks as fickle speculators on the lookout for the next trendy digital asset lost interest in the cryptocurrency.
The price of dogecoin did not move immediately after Musk’s newest doge tweet, which is a significant change from earlier this year, when Musk’s early morning tweets often moved the market by double digit percentages.
The price of dogecoin has dropped 30% in the last month, with the sell-off accelerating this week, even as a new Tiger King-branded cryptocurrency surged 1,000% thanks to encouragement from people like Wallace, who claimed last weekend that he was buying the little-known token./nRead More

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