Over the years many cryptocurrencies have laid a mark on the market through their high profit potential or increasing popularity. Bitcoin is probably the most recognized and sought-after cryptocurrency in this regard. Nonetheless, there are hundreds of other cryptos in the market as well.
Apart from the main stream cryptocurrencies, meme based cryptocurrencies have also been the talk of the town in the recent months. Digital tokens like Dogecoin and Shiba Inu have topped the charts for progress in different phases. They have received the support of market influencers, like Elon Musk, which has driven their popularity by a great extent.
History of Elon and Doge
The owner and CEO of Tesla, Elon Musk portrays himself as an advocator of Dogecoin. He has repeatedly tweeted and talked in the favor of the coin. The billionaire holds a great significance in the market, as he promotes different trends and sets a tone in the market. His tweets had pushed Dogecoin to a peak of $0.73. It was the same Dogecoin who was never predicted to even touch $0.1 in its early years. However, Elon Musk called Doge a ‘hustle’ during his Saturday Night Live appearance, which resulted in sharp decline in the value of the digital coin.
Apart from Dogecoin, Elon Musk has had an impact over other tokens like Bitcoin and Ethereum. The decision of his electric car company, Tesla to allow and then suspend Bitcoin payments had a severe impact on the market value of the coin. Even rumors associated with Elon Musk induce a trend in the crypto market. He always has a lot to say and offer but there is one thing for sure, which is that he is a supporter and admirer of cryptocurrencies and its use in the economic structure all across the world.
Recently, Elon Musk commented that he sees Bitcoin and Ethereum, the two big guns of the crypto market, as ‘slow’ with ‘high’ costs. He referred to the limitations of both these coins and urged on maximizing the foundation of Dogecoin.
Musk tweeted ‘there is merit [in my opinion] to doge maximizing base layer transaction rate and minimizing transaction cost with exchanges acting as the de facto secondary layer.’ His tweet came in reply to a renowned youtuber and dogecoin investor, Matt Wallace which said that ‘the dogecoin update is coming soon’. Elon Musk also added that ‘[Bitcoin and Ethereum] are pursuing a multilayer transaction system, but base layer transaction rate is slow and transaction cost is high.’
Musk vs Bitcoin and Ethereum
Previously, in May, Musk also proposed a dogecoin update which according to him will position Doge as ‘one of the most used currencies’ in the world by also beating Bitcoin. However, this time around Elon Musk targeted the issue of scalability in Bitcoin and the long due upgrade of Ethereum in the form of Eth 2.0.
The upgrade of Ethereum has surpassed its initial deadlines, and it is still not seen to be completed anytime soon. Even though it is hyped to reform and revolutionize the token, it is still unattractive to see how it has gone past its expected release dates. On the other hand, the recent update of Bitcoin, called taproot is making waves and is expected to address the issue of scalability in the token.
Elon Mush has attracted a lot of criticism over his attitude towards the cryptocurrencies. His tweets are said to be a manipulatory tool against the crypto market which spark a lot of controversy among crypto geeks and divide them in Elon pro and Elon against crypto community. Many experts have emphasized that his tweets should not be taken seriously and he should not be given the hype he usually gets.
However, there is nothing denying the fact that he hold immense importance in the market. His company held over $1 billion in Bitcoin, and his decisions to accept or not to accept Bitcoin adversely impacts the worth of the number cryptocurrency in the world. Similarly, Dogecoin has been able to make a name for itself. With the promises of ‘to the moon’ by Elon Musk it did storm off in this year. Moreover, it is also anticipated that the token might tough the highly crucial mark of $1 anytime in the future.
