Elon Musk returned to Twitter earlier this week to promote Dogecoin as the people’s crypto, sending its price soaring over 50%. Dogecoin price has surged over 200% since its January 30th low of $0.021, but it’s currently down almost 30% from its all-time high of $0.087 reached on January 29th. It seems that at this point, Musk has focused on Dogecoin’s technical viability in a more serious tone.
Elon Musk actually thinks that Dogecoin is better than Bitcoin, slamming the latter as deflationary to a fault
In a recent tweet, he took a shot at Bitcoin’s presumably deflationary monetary policy to make a case for DOGE:
Doge appears to be inflationary, but is not meaningfully so (fixed # of coins per unit time), whereas BTC is arguably deflationary to a fault.
Transaction speed of Doge should ideally be a few orders of magnitude faster.
— Elon Musk (@elonmusk) February 8, 2021
Doge appears to be inflationary but is not meaningfully so, whereas BTC is arguably deflationary to a fault. He also notes that Dogecoin is a few orders of magnitude faster than the Big Daddy of crypto.
At press time, Dogecoin returned to the top 10 on CoinMarketCap after soaring to $ 0.0873 on Feb. 7. It is far from beating the previous all-time high of $ 0.0875. , established after the cryptocurrency skyrocketed by more than 1,100% in just one day.
American rapper Snoop Dogg becoming the latest big name to rally behind the buzzing joke cryptocurrency.
In a viral tweet that addresses Tesla CEO Elon Musk, the most vocal proponent of Shiba Inu-inspired digital coin, Snoop Dogg attached a photoshopped cover of his seventh studio album.
Dogecoin’s resurgence is undoubtedly a testament to Elon Musk’s Twitter power.