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Elon Musk Reveals The Cryptocurrency Hes Mainly Supporting After Tesla Dumped Bitcoin Amid Crypto Price Crash

elon musk, the tesla tsla billionaire, has caused the price of cryptocurrencies, including bitcoin and dogecoin, to swing wildly over the past year, while a “hundred pound gorilla” approaches “every day”.

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musk helped the price of bitcoin to record highs by adding $1.5 billion bitcoin to tesla’s balance sheet early last year. however, amidst a brutal bitcoin price crash, the company sold nearly all of its bitcoin last month due to economic uncertainty (although bitcoin and crypto are suddenly bracing for a $10 trillion earthquake).

Now, Musk has reiterated his support for the meme-based Dogecoin, praising its “transactional performance” and that it doesn’t take itself “too seriously,” despite a stern warning that some cryptocurrencies “might fail.” “.

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See also: How Much Internet Speed Do You Need To Mine Bitcoin?

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elon musk, the CEO of tesla, has helped the price of dogecoin skyrocket in recent years amid a… [+] huge uptrend in the price of bitcoin.

“I’m mostly rooting for doge frankly because I think doge has the memes and the dogs and he seems to have a sense of humor and doesn’t take himself too seriously,” Musk, who revealed last year that he personally owns dogecoin, bitcoin, and ethereum, he said during a recent interview on the full shipping podcast.

Initially created as “a joke”, Dogecoin has soared up the cryptocurrency rankings over the last 18 months after fading into relative obscurity in previous years. Support from Musk and other high-profile investors like Mark Cuban pushed Dogecoin’s price to around 70 cents last year ahead of Musk’s highly publicized appearance on the comedy sketch show Saturday Night Live. since then, the price of dogecoin has collapsed to just 6 cents, a drop of more than 90%.

After tesla bought bitcoin last year, musk embarked on a long-running campaign to upgrade dogecoin so it could “beat bitcoin hands down”. In June, the developers of dogecoin released an update that improves security and efficiency.

See also: How many disadvantages of cryptocurrency | Motilal Oswal

“I think actually, weirdly, even though doge was designed to be like this ridiculous joke coin, but the actual total transactional throughput capacity of doge is much higher than bitcoin,” said musk. Earlier this year, Musk said that he is still buying the bitcoin rival as a joke and that he will continue to support it.

In May, Musk announced that his rocket company, SpaceX, will follow in Tesla’s footsteps and accept Dogecoin as a commodity. tesla began accepting dogecoin for merchandise purchases in January.

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the price of dogecoin has tanked over the past year despite support from elon musk, falling along with… [+] the price of bitcoin, with around $2 trillion removed from the combined crypto market.

In June, Musk and his companies, Tesla and SpaceX, faced a $258 billion lawsuit alleging they were part of an organized crime scheme to increase the price of Dogecoins.

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Meanwhile, Musk dumped nearly $7 billion worth of Tesla stock over the past week, according to a Securities and Exchange Commission filing, just months after he said he had no plans to sell. more tesla stock.

See also: Regulatory Attention Turns to Bitcoin ATMs in US | PYMNTS.com

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