- Elon Musk has reignited the crypto scalability debate by calling Bitcoin and Ethereum slow.
- Musk said Dogecoin’s upcoming network upgrade would make it more efficient than the top two cryptocurrencies.
Elon Musk has done it again for his favorite DOGE, with a tweet about DOGE’s transaction efficiency. Musk tweeted today, comparing DOGE’s rate of transactions to BTC and ETH multilayer transactions capabilities.
According to Musk DOGE has a faster mode of transaction because the meme currency is focusing on, “maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.”
BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.
There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.
— Elon Musk (@elonmusk) July 9, 2021
While BTC & ETH are coursing into a multilayer transaction system, their base layer remains the same with low transaction rates and high transaction costs, which is contradictory to DOGE’s plan of action. Musk’s promotion of DOGE was triggered through an earlier tweet by one of the members of the DOGE community. Musk was replying to the tweet that read,
“the dogecoin update is coming soon! It will position doge perfectly to become one of the most used currencies in the world.”
Musk makes crypto more volatile than ever
Elon Musk has gained the highest celebratory status in the crypto community and is quite infamous for his market manipulating tweets on different cryptocurrencies throughout the year. First, his announcement regarding Tesla accepting Bitcoin as a payment for the electric cars sent the price of the top cryptocurrency to the moon. However, he reversed the bullish sentiment soon after as he withdrew from his promises for bitcoin users and discarded Tesla’s announcement citing Bitcoin mining’s unsustainable nature.
Musk has continued promoting meme coins all over Twitter. From, Shiba Inu and Floki, to Baby DOGE and DOGE, Musk has taken it upon himself to regulate the prices of meme coins using social media. His recent trending pick is dogecoin, and Musk does not seem on the path to quitting his influencer marketing for DOGE anytime soon. Nevertheless, people are detecting Musk’s act of promotion as a sly move to control the crypto arena and the crypto community is not being appreciative of Musk’s trickery.
Musk might not quit his market manipulative tweets, but the market seems to have reached a saturation point as his tweets have failed to show a similar impact on Dogecoin price over the past few weeks as the meme currency continued to slide downwards.