The Tesla boss claims that Dogecoin has a faster transaction method and costs less than Bitcoin and Ethereum.
Tesla CEO, Elon Musk recently once again “promoted” his favorite meme coin, Dogecoin (DOGE) in the discussion on Twitter.
Specifically, Musk talked about the transaction efficiency of DOGE, and compared it with the two most famous cryptocurrencies, Bitcoin and Ethereum.
Tesla CEO said:
DOGE has a faster transaction method than BTC and ETH, because DOGE focuses on maximizing base layer transaction speed and minimizing transaction costs with exchanges acting as 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 and ETH currently pursue a multi-layer transaction system, the base layer transaction rate is low and the transaction costs are high,” Musk said.
This isn’t the first time Musk has spoken well about DOGE. This billionaire previously still gave many winged words for DOGE on Twitter.
As recently, Musk asserted in a tweet:
Dogecoin Update Coming Soon! DOGE will be perfectly positioned to become one of the most used currencies in the world
Some investors have denounced Musk’s behavior to control and manipulate the market.
However, since the market entered a sideways phase, Musk’s tweets are no longer interested in the crypto community as much as before.
In the future, Elon Musk will probably continue to tweet about DOGE, but it will certainly not be able to make this coin immediately increase 20% – 30% in a few minutes as before, in the context that the market seems to have reached saturation point.
Price DOGE at press time is continuing to fall, trading at $0.221.
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