Tesla’s CEO Brands BTC & ETH Slow, Declares DOGE as Superior
Tesla billionaire Elon Musk today criticized the scaling efforts of the two most popular cryptocurrencies, Bitcoin and Ethereum.
Citing BTC and ETH’s Limits
He warned over their limitations, branding them as slow with high costs while claiming that the plans to upgrade dogecoin are superior.
Musk said that the meme coin’s upgrade plans to maximize the base layer transaction rates and minimize transaction costs have merit. However, the billionaire added that Crypto exchanges would act as a “de facto secondary layer.”
The Dogecoin price has surged this year, initially controlling January’s meme stock wave. However, it has subsequently developed a haphazard community somewhat led by Musk, who envisions it eventually competing with bitcoin and ethereum.
Dogecoin price DOGE briefly spiked to $0.22 on Thursday after closing the day under $0.24. Dogecoin has risen by 2% in the past 24 hours, while Ethereum has dropped by 3%, and Bitcoin has stayed static.
Trading above the support turned resistance at $0.24 may also guarantee a bullish grip on the price. First, however, investors look forward to dogecoin advancing over the confluence barrier at $0.3 created by the 100 Simple Moving Average (SMA) and the 200 SMA.
The meme coin has been in crisis within the confines of a parallel descending pattern since the all-time high of $0.75.
However, DOGE could end the week in the green and possibly break the downtrend. Although in its initial phase, the current recovery can be linked to comments made by Tesla billionaire Elon Musk.
Elevating the Meme Coin
According to Musk, the Dogecoin upgrade is approaching, and it will make the meme coin one of the most used currencies in the world. Tesla still holds over $1 billion worth of bitcoin it acquired near the beginning of the year. Even though that investment is now thought to be underwater— Musk has also indicated he holds dogecoin.
Musk is known as the Dogefather after taking the cryptocurrency, which began as a joke, under his wing. His patronization has uplifted DOGE’s value by over 4,500% during the past year.
However, his recent tweets have failed to move the needle and have alienated his former supporters, many of whom are Bitcoin investors.
Musk shouldered much of the blame for Bitcoin’s huge plunge just recently after he announced that Tesla would no longer accept the cryptocurrency due to environmental concerns.
Ethereum also has a significant upgrade on its sleeve, to be introduced as early as next year. It will boost scalability and the blockchain’s green credentials as it dispenses with the energy-intensive practice of mining altogether.