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Elon Musk, the self-proclaimed CEO of Dogecoin, tweeted his views on the meme coin’s future.
Elon Musk, CEO of Tesla and SpaceX, manages to stir the pot. In response to a tweet comparing Bitcoin to Dogecoin, he said that if big network improvements are made, the meme coin would triumph over Bitcoin.
Musk, who has jokingly declared himself the “Dogefather,” tweeted, “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
When a Twitter user, Loshan, suggested that bigger blocks and low fees would make the Dogecoin network open to attacks, he explained his reasoning.
“For those who are bad at math,” Musk replied, “100X higher transaction volume with 100X lower fees means total fees earned remain the same.” To become the world’s currency, low fees and high volume are required.”
Musk: Defender of Dogecoin
Musk, one of the original PayPal owners, has long proclaimed Dogecoin to be the next big thing.
He revealed last week that his space travel firm, SpaceX, would launch DOGE-1, the first commercial Lunar payload entirely funded by Dogecoin. “1st meme in space,” he tweeted.
On Friday, Dogecoin creator Ross Nicoll told Decrypt that Musk has been in contact with Dogecoin’s development team since 2019 and has even expanded the blockchain’s throughput.
Nicoll claimed that Musk’s support was rejected by his team of four part-time developers. The original creators of Dogecoin, Jackson Palmer and Billy Markus, have long left the project.
Musk is promoting Dogecoin because he thinks it will become more environmentally friendly than Bitcoin.
This week, Tesla stopped accepting Bitcoin deposits for environmental reasons, sending the coin’s price and the cryptocurrency industry as a whole plummeting.
Musk’s proposal for Dogecoin reform today does not come as a surprise to Dogecoin developers at all. As for the most of us, it provides a window at Musk’s dream cryptocurrency.