Elon Musk, CEO of Tesla, has once again chimed in on the Bitcoin scaling battles. He expressed his support for the fee reduction that may significantly improve the scalability of Dogecoin. Within the Bitcoin world, the statements drew harsh condemnation. Dogecoin rises 13% in response to Elon Musk’s pledge to make DOGE superior to Bitcoin. Dogecoin Jumps 13% Following Musk’s Tweets to Make it Superior to Bitcoin Multi-billionaire Elon Musk today criticized the scaling efforts of the two most prominent cryptocurrencies, Bitcoin and Ethereum, while promised to make Dogecoin superior to Bitcoin which was founded in 2009 by a programmer under the pseudonym Satoshi Nakamoto. The Tesla and SpaceX CEO stated that Bitcoin and Ethereum transactions were sluggish and costly, forcing developers to rely on a multi-layer transaction mechanism. Musk stated that Dogecoin’s upgrade plans to enhance base layer transaction speeds while minimizing transaction costs had “value.” He described cryptocurrency exchanges as a “de facto secondary layer.” DOGE jumped by 12.7% in the hours following Musk’s tweet today, from $0.2038 to $0.2291, before quickly reverting to $0.215. In the last 24 hours, Dogecoin has increased just 2%, while Ethereum has fallen 3% and Bitcoin has remained unchanged. Musk earned the nickname “Dogefather” after taking the cryptocurrency, which began as a joke, under his wing. His patronage has increased the value of DOGE by over 4,500% in the last year. But his latest tweets have failed to get meaningful results and have alienated many of his former admirers, many of whom are Bitcoin investors. Why Did Musk Promise To Make DOGE Superior To Bitcoin? Musk bears much of the responsibility for Bitcoin’s large drop in May after announcing that Tesla will no longer accept the cryptocurrency owing to environmental concerns. The co-founder of DOGE has been mentoring the Dogecoin developers since 2019. The coding of the meme coin is based on Bitcoin, and its green credentials outperform the original money. However, altering the method it is mined may be difficult for the entrepreneur.
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